Listed Ayala Corp. ended the previous trading week in the red as its shares moved sideways.
The shares of Ayala Corp. slipped by P14 or 1.67 percent to end at P826 apiece on Friday, which prompted the stock to decline 2.25 percent week-on-week.
AAA Equities head of research Christopher Mangun said the diversified conglomerate has recovered all its losses for the year but its shares have been moving sideways for the last few weeks.
Mangun sees the stock continuing lower to its support level of P805 and does not expect a lot of volatility from it until the end of the year.
Published December 17, 2020, 3:41 PM
Ayala Corporation revealed more about its succession plan with the announcement that Chairman Jaime Augusto Zobel de Ayala (JAZA) will be giving up his concurrent position as Chief Executive Officer in favor of his brother, Ayala President Fernando Zobel de Ayala (FZA).
In a disclosure to the Philippine Stock Exchange, Ayala said JAZA transition will focus on his role as Chairman of the Board effective April 23, 2021, after the 2021 Annual Stockholders Meeting.
Fernando Zobel de Ayala (left) and Jaime Augusto Zobel de Ayala
Ayala’s Board of Directors has unanimously approved the Company’s CEO Succession Plan whereby President and Chief Operating Officer FZA, will become President and CEO, effective April 23, 2021 after the 2021 Annual Stockholders Meeting.
Jose Teodoro “TG” K. Limcaoco
In a statement, the firm said Ayala Chairman and Chief Executive Jaime Augusto Zobel de Ayala announced the succession plan for the group’s CFO.
BPI’s Board of Directors has approved their CEO succession plan whereby Limcaoco will succeed Cezar P. Consing as President and CEO of BPI, after the BPI stockholders’ meeting set for April 22, 2021.
Limcaoco concurrently holds the positions of Chief Risk Officer and Chief Sustainability Officer of Ayala Corporation.
Zobel said Ayala Corporation’s Board of Directors has also approved the nomination of Alberto M. de Larrazabal to succeed Limcaoco as CFO, Chief Risk Officer and Chief Sustainability Officer, effective on April 23, 2021.