The return of Fernando Zobel and the rise of the 8th Gen Zs
Tycoon Fernando Zobel de Ayala is anywhere and everywhere these days and high society is loving it. At the recently concluded and uber successful ArtFair Philippines, for instance, he was spotted enjoying the rich and varied collection of art – from spell-binding avant garde pieces to the works of the masters and everything in between. There, at The Link, everyone wanted a minute of Fernando’s time, either for a selfie or a chat.
A week later, he also graced Japan’s National Day Reception hosted by Ambassador Koshikawa Kazuhiko to celebrate the 63rd birthday of His Majesty the Emperor of Japan, Emperor Naruhito.
Indeed, Fernando Zobel, fondly called FZA, is back and he has been visible not just in events with Manila’s well-heeled crowd.
More importantly, he is back in the board room of the Ayala Group.
As many might know, FZA resigned in October last year as president and CEO of Ayala Corp., citing health reasons. He then left for abroad for a few months before returning to the country around November last year. He also resigned from his other roles in the group, including as chairman of Ayala Land Inc. (ALI).
Last week, ALI disclosed that FZA is back, this time as advisor. FZA led ALI as chairman for 23 years, a role that also got him involved in the design and architecture of the property giant’s developments, among other tasks.
FZA was also appointed as advisor of Ayala Corp. last year.
This means he is back in the board rooms and will be attending all board meetings of the two companies, Ayala Corp and ALI.
Having advisors is nothing new for the group. Most are individuals tapped for their expertise in certain industries.
FZA, in particular, will be lending his expertise in the different partnerships of Ayala which he helped set up in the past, either as Ayala Land chairman or Ayala Corp. president and CEO.
For instance, he has successfully led ALI in sealing partnerships such as the 35-hectare Parklinks, a joint venture between ALI and Tan-owned Eton Properties.
And then there are the partnerships with the Yulos and the Camposes for other developments as well.
“We all have a role to play,” said FZA’s brother, Ayala Group chairman Jaime Augusto Zobel de Ayala or JAZA, when I chanced upon him at Japan’s National Day Reception held at Shangri-La The Fort. I asked about the role of advisors in the conglomerate. JAZA explained that Fernando’s advisory role has to do with maintaining and strengthening Ayala’s relationships with different stakeholders, among other tasks.
Jose Rene Almendras, group head of Ayala’s Public Affairs, added that Fernando’s experience and exposure make him critical to the board.
“Thus, he was asked to come back as a board advisor,” Almendras shared with me.
From seventh generation to eighth generation
JAZA said that while Fernando is back, he won’t be returning to most of his previous positions and neither would JAZA.
This means that the brothers have passed on the task of handling the day-to-day challenges to their executives led by Cezar “Bong” Consing, the president and CEO of Ayala Corp.
This is not to say, however, that the Zobel clan has passed on the baton to non-family members.
It is actually quite noticeable how the seventh generation Zobel brothers are now grooming the eighth generation Zobels, who I’ll collectively call as the eighth Gen Zs, giving them bigger responsibilities in the conglomerate.
This generation is led by Mariana Zobel, daughter of JAZA, who was appointed director of ALI last year to fill the unexpired term of Fernando as director. Mariana is vice president at BPI and also serves on the board of several other Ayala companies.
And then there’s Mariana’s brother Jaime Alfonso, who was elected as Globe Telecom director just last year. He is also a director at ACEN, Ayala Land Logistics Corp., BPI Capital Corp., among others.
Their cousin Jaime Urquijo, meanwhile, succeeded Fernando as director of Integrated Micro-electronics Inc.
Urquijo is the only son of Bea Zobel Jr., daughter of Don Jaime and Bea Zobel.
He is also a director of BPI, AC Industrial Technology Holdings Inc., Merlin Solar Technology Inc., ACE Enexor Inc. and ACE Endevo Inc. He is also the assistant vice president of Business Development of the International Business unit of ACEN. Prior to this, he was a strategy and development manager at Ayala Corp.
Transition Indeed, it’s a busy time for eighth generation Ayala leaders as the country’s oldest conglomerate navigates its way through the fast changing business environment and the global business landscape.
Perhaps shareholders can expect more announcements on April 28, Ayala Corp.’s annual shareholders meeting.
Will FZA have more roles? Will the eighth generation leaders take on more tasks? Will there be additional advisors or new executives?
The 189-year-old conglomerate is clearly in transition and how it heads into the future will be determined by the leaders it chooses.
A ship as we know is only as good as its captain and his mate, but Ayala has stood the test of time. It’s the reason it’s the country’s oldest conglomerate.
I’m sure it will continue to expand and play an important role in our growing economy.
I personally hope to see the group get into more businesses that respond to the social needs of our evolving society, such as the 100-bed cancer hospital which broke ground in 2021 under the leadership of Fernando.
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