MANILA - Jaime Zobel de Ayala will serve as the acting chairman of Ayala Corp's property arm Ayala Land while his brother and chairman Fernado Zobel De Ayala is taking a medical leave.
The announcement was made in a disclosure to the stock exchange, a day after Ayala Corp said its president and CEO was on a medical leave.
"Pursuant to our By-Laws, our Vice-Chairman, Mr. Jaime Augusto Zobel de Ayala, will serve as Acting Chairman during the Chairman’s leave of absence," the statement said.
Fernando also stepped down as the chairman and member of the executive committee and member of the Personnel and Compensation Committee. He remains a member of the Board of Directors.
His replacement for the mentioned committees will be appointed in due course, the company said.
Jaime earlier said the family fully supports his brother's decision to focus on his health. No other details about his condition were disclosed.