Zobel returns as ALI advisor

MANILA, Philippines — Tycoon Fernando Zobel de Ayala has been appointed as advisor to the board of Ayala Land Inc. (ALI), marking his gradual comeback after resigning in October last year.

Zobel led ALI as chairman for 23 years until he resigned in October 2022 due to medical reasons. He also resigned as president and CEO of Ayala Corp., the country’s oldest conglomerate at the time, but was later on appointed special advisor to the board of Ayala Corp.

However, since returning to the Philippines late last year after spending some time abroad, Zobel is slowly making a comeback within and outside the Ayala Group.

He also returned to Pilipinas Shell Petroleum Corp. after taking a medical leave last year. He has resumed his duties as chair of the corporate governance committee of the listed oil giant.

Zobel left all his positions in the Ayala Group last year due to health reasons.

Mariana Zobel de Ayala, daughter of Jaime Augusto, meanwhile, was appointed director of Ayala Land to fill the unexpired term of Fernando as director.

As for the parent firm, Ayala Corp. earlier appointed Cezar “Bong” Consing as its president and CEO. He succeeded Fernando who was appointed as CEO of the conglomerate in 2021.

Consing is a veteran Ayala insider and is one of Asia’s most respected figures in the banking sector, with over 30 years of experience in international finance.

It is not clear yet whether or not Zobel would take on bigger tasks in the conglomerate or in ALI now that he is back as advisor to its board.

He, however, has been attending ALI’s events including the unveiling of the Parklinks Bridge at Parklinks in November last year.

Parklinlinks, a joint venture between ALI and Eton Properties Philippines Inc., is a 35-hectare mixed-use estate.

ALI reported a net income of P18.6 billion last year, up 52 percent. Consolidated revenues went up by 19 percent to P126.2 billion.

Capital expenditures for 2022 reached P72.4 billion, of which 50 percent was spent on residential projects, 19 percent on land acquisition, 16 percent on estate development, 11 percent on commercial projects, and four percent for other purposes.