Fernando Zobel Resigns From Ayala Corp Board for Health Reasons

Fernando Zobel de Ayala has resigned from his three positions at Ayala Corp effective Monday, one month after taking a medical leave, the country's oldest conglomerate told investors.

Zobel, 62, quit as chairman of the board, president and CEO, Ayala Corp said in a disclosure. Cezar Consing, who headed the conglomerate's banking arm BPI, has been serving as acting president and CEO since August.

Ayala Corp said Zobel's resignation was meant to allow him to "focus more on his recovery and health." It did not elaborate.

"Our Board will elect his replacement as director in due course," Ayala Corp said.

Fernando's older brother, Jaime Augusto Zobel de Ayala, retired in 2021.