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Business

Fernando Zobel back at Ayala Corp board

Iris Gonzales - The Philippine Star

MANILA, Philippines — Ayala Corp., the country’s oldest conglomerate, has welcomed back tycoon Fernando Zobel de Ayala who resigned  last year for health reasons.

In a meeting on Thursday, the Ayala board elected Zobel one of its directors, replacing highly trusted adviser Mercedita Nolledo.

Zobel was also appointed chairman of the Sustainability Committee and a member of the Risk Management and Related Party Transactions Committee and the Personnel and Compensation Committee.

“I look forward to working with the board, the senior management of Ayala Corp.  and our chief sustainability officer Jaime Urquijo in providing oversight and guidance on the company’s ESG strategy,” Zobel said.

Zobel’s latest appointment is part of his phased-in return to the Ayala Group. Since late last year, he has transitioned from his executive roles to focus on his governance functions in various boards within the Ayala Group.

“Fernando brings with him a wealth of experience, and we look forward to his guidance and oversight as we continue to ramp up our ESG initiatives,” said Cezar Consing, was appointed in September 2022 to succeed Zobel as Ayala Corp.’s president and CEO who served the position from April 2021 to September 2022.

Zobel was director of the board from May 1994 to September 2022.

During his term as CEO, Zobel took the lead in strengthening Ayala’s sustainability commitment.

For instance, Ayala made a bold commitment in 2021 to achieve net-zero greenhouse gas  emissions by 2050, becoming the first publicly listed company in the Philippines to make such a commitment.

Ayala chairman Jaime Augusto Zobel de Ayala, for his part, thanked Nolledo for her contributions during her tenure as board director or from September 2022 to September 2023.

“I would like to thank Edith Nolledo for her consistent support and guidance through the many years she worked with the Ayala Group as an executive and a member of the board,” he said.

Nolledo, though, will continue to serve other positions in the different business units of the Ayala Group.

She is a member of the board of trustees of Ayala Foundation Inc. and BPI Foundation Inc.

She is also a member of the BPI Advisory Council.

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