Emergency medical leave: Fernando Zobel steps down from Ayala Corp. top posts, Cezar Consing takes over as president and CEO

Bilyonaryo Fernando Zobel de Ayala has gone on temporary medical leave as vice-chairman, president and CEO of his family’s holding firm.

Ayala Corp. (AC) did not indicate why the 62-year old Zobel had to step away from his corporate duties.

The AC board met Sunday, August 14, to elect former Bank of the Philippine Islands president Cezar P. Consing as acting president, CEO and member of its executive committee.

“He (Zobel) remains a member of our board but has stepped down as member of our executive committee and finance committee,” said AC in a disclosure.

Former Energy Secretary Delfin L. Lazaro was elected vice-chairman of the executive committee.

Zobel took over the helm of AC two years ago from his older brother, Jaime Augusto, who stayed on as chairman.

Profit of Yap-led CEU clobbered by pandemic restrictions

Centro Escolar University (CEU), controlled by he heirs of the late Don Emilio Yap, saw a 23 percent decline in net income during its fiscal year ending May this year to P119.05 million due to the deferral of revenues and recognition of contract liabilities.

Germany raids properties belonging to Russian oligarch

German investigators on Wednesday raided properties belonging to a Russian oligarch suspected of tax evasion and breaking EU sanctions, police and prosecutors said, with sources naming billionaire Alisher Usmanov as the target.

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