Conglomerate Ayala Corp. has elected Mercedita S. Nolledo as its new director who will serve the unexpired term of Fernando Zobel de Ayala, who resigned from the board a few weeks ago.
Zobel, meanwhile, will serve as a special advisor to the board, according to the company’s disclosure.
Nolledo, 81, has served as director of Ayala Corp. from 2004 until September 2010. She is currently a member of the board of trustees of Ayala Foundation Inc., BPI Foundation Inc., advisory board of Ayala Land Inc. and the BPI Advisory Council.
She also served as a member of the board of directors of BPI for 30 years from 1991 to 2021, as the chairman of the BPI’s retirement and pension committee and and a member of the corporate governance committee.
Nolledo is a non-executive director of Xurpas Inc. and an independent director of D&L Industries Inc., both listed companies.
Meanwhile, Cezar P. Consing, has been appointed as the group’s president and CEO, replacing Zobel.
Cesar V. Purisima was elected as member of the Ayala’s finance committee, replacing Zobel.
Delfin L. Lazaro was also elected as member of the risk management and related party transactions committee replacing Consing.
“In the same meeting, the board duly ratified the action of the risk management and related party transactions committee approving the clarification on the coverage of transfer of resources between wholly-owned subsidiaries of an ultimate common parent company or between a wholly-owned subsidiary and its parent, under item no. 7, clause H – of the corporation’s related party transactions policy, as including commercial transactions, such as but not limited to loans and borrowings,” Ayala said in its disclosure.
In mid-August, Zobel took a medical leave from the conglomerate and relinquished most of his duties to some senior members of the company. Weeks later, he announced that he has decided to step down from his posts.