Jaime Augusto Zobel de Ayala steps down as Globe chairman

MANILA, Philippines – Jaime Augusto Zobel de Ayala has stepped down as Globe Telecom’s chairman after nearly 30 years, the telco giant announced on Tuesday, April 21.

In a disclosure to the Philippine Stock Exchange, Globe said that it has elected Cezar Consing to replace Zobel as the company’s chairman. Consing also serves as president and chief executive officer of Globe’s parent firm Ayala Corporation.

Zobel, often referred to by his initials “JAZA,” has been chairman of Globe since 1996 and director since 1989.

Globe did not disclose the reason for Zobel’s departure, but the Ayala-owned telco described him as the architect of its evolution from a cable company into a digital telco.

“JAZA led the Globe-Mackay merger with Clavecilla Radio Corporation, launched our long-standing strategic partnership with Singtel, and expanded our services through the acquisition of IslaCom, Bayantel, and Vega Telecom,” it wrote.

Despite his departure, Globe said Zobel will continue to support the telco as chairman of Asiacom Philippines Incorporated, the joint venture between Ayala Corporation and Globe’s majority shareholder Singtel.

“The Board, together with the management and employees of Globe, express their deepest gratitude and utmost respect for JAZA’s undeniable achievements throughout his years of service to the company,” Globe wrote.

Zobel’s departure from Globe comes as other firms within the country’s oldest conglomerate also begin leadership handovers.

In March, Ayala Corporation announced that Jaza’s nephew Jaime Urquijo will be seconded to Ayala Land as its heads for urban estates. Effective mid-April, he joined his sister Paloma and his cousin Mariana Zobel de Ayala at the conglomerate’s real estate arm.

Despite his departure from Globe, Zobel remains chairman of several firms under his family’s conglomerate, such as the Bank of the Philippine Islands, Ayala Land, and the parent firm Ayala Corporation.  – Rappler.com