Ayala boss Cezar Consing: I’m still standing

How has it been for Cezar “Bong” Consing, the man who made history less than a year ago when he was appointed as the first president and CEO of Ayala Corp. who is not a member of the Zobel clan?

I was curious to know so when I bumped into him Monday during a busy morning at the Philippine Stock Exchange (PSE) Tower in Taguig, I begged his indulgence and popped what I warned him would be a “Miss Universe” question.

How has it been so far as the first non-family chief of the country’s oldest conglomerate?

“I’m still standing,” Mr. Consing said in jest but almost deadpan. We burst into laughter.

I teased him that he doesn’t look stressed at all and in fact, seems to be comfortable and thriving in his new role.

Turning serious, Mr. Consing said he has been getting a lot of help and not just from Ayala Corp. CFO Alberto de Larrazabal, who was standing beside him during our ambush interview, but from the whole Ayala Group team that keeps the wheels of Ayala’s businesses churning.

“You work for a company like Ayala, you have a lot of help,” said Mr. Consing, who goes to work at 7 in the morning.

An Ayala veteran

The veteran executive though is no stranger to being the boss and neither is he new in the sprawling Ayala business empire.

He served as president and CEO of the Bank of the Philippine Islands (BPI) from 2013 to 2021 before he was appointed president and CEO of Ayala in August 2022.

At the time, then president and CEO Fernando Zobel de Ayala or FZA had to take a leave of absence and then soon after, tender his resignation due to health reasons.

Speaking of FZA, who is now a special advisor to the Ayala board, he was also at the twin events at the PSE last Monday. It was good to see him back in the limelight, somewhat.

The PSE had an inauguration of its new PSE Event Hall, which looked really nice and elegant. Congratulations to PSE president Ramon Monzon and the whole PSE team. There was also a listing ceremony for Ayala’s preferred shares.

Going back to Ayala, for years, its succession story had been quietly talked about in the business grapevine because after the 7th generation Zobel brothers, there wasn’t an emerging 8th generation successor, at least not yet.

Thus, the buzz always pointed to the possibility of having a non-family executive first until maybe another clan member emerges as the next leader.

But Ayala has a very competent team of executives who could very well take the helm of the conglomerate.

And those who know him in the world of banking, of course, was rooting for Mr. Consing, a magna cum laude economics graduate from De La Salle University, who also worked for J.P. Morgan in Hong Kong and Singapore from 1985 to 2004 and headed the firm’s investment banking business in Asia Pacific from 1997 to 2004.

Fast forward to today, almost a year since his appointment and Mr. Consing, who has already led his first annual stockholders’ meeting as Ayala boss last April, is busy steering the ship to distant shores.

He is quiet when it comes to plans and can very well dodge questions from the press but accommodating enough to dish out a few lines for us to get our stories and leave him in peace.

Asset sale

He is confident Ayala would be able to complete its $1-billion sale of non-core assets as early as this year or a year from now. There are other plans such as investing more in health care and logistics.

The world is truly changing and it can’t be business as usual anymore for big businesses like Ayala. This reality hit us during the pandemic.

Imagine how difficult it would have been for our country if none of the private sector extended help the last three years. Many of them did. The Ayala Group had a wide array of COVID-19 initiatives. Nobody will forget the Razon Group’s leadership in bringing Moderna vaccines to the country. San Miguel Corp. shelled out billions for its own COVID-19 response. There were many others including the MVP Group, the Gokongweis, etc. etc.

Beyond the pandemic

But beyond COVID-19, my personal wish is for businesses like Ayala to embark on more initiatives that help address existing critical gaps in society. How about lower transaction costs for digital transactions? Some people still choose to walk to over-the-counter remittance centers to send money to the province because GCash and BPI transaction costs are still too high for them.

How about upgrading telco infrastructure in far-flung areas where internet signal is still impossible? More affordable health care, maybe?

Who knows, maybe Mr. Consing, the silent worker that he is, is already working on similar initiatives.

In any case, I wish him well. I’m sure it’s not an easy job. Was it as difficult as he expected it? I asked him.

“I wouldn’t define it as difficult or easy. It’s challenging and gratifying at the same time,” Mr. Consing said at the end of our quick chat.

“Now you got your beauty queen answer,” said PSE’s head of corporate communications Martha Vinzons.

I sure did but perhaps, it was more than that. I got a sense that Mr. Consing is indeed loving the job as it gives him the chance to lead Ayala in a way that is also more responsive to the critical needs of society. Now who wouldn’t want a legacy like that?

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