Francia tapped to head Ayala investment committee
• Ayala Corp. has named AC Energy president and CEO Eric Francia as chairman of a newly reconstituted group tasked to develop the conglomerate’s investment portfolio to navigate the new business environment brought about by COVID-19.
The AC investment committee will “recommend a robust and agile
portfolio that delivers sustainable value and impact, taking into account the changes in the current business landscape,” brothers Jaime Augusto and Fernando Zobel de Ayala said in a joint statement yesterday.
As chairman of the AC investment portfolio, Francia will recommend a portfolio management agenda to the CEO and the AC Holdings management committee and provide leadership in developing and optimizing Ayala’s investment portfolio, recommend investment and divestment decisions and evaluate portfolio performance.
Francia, who will continue to fulfill his role as president and CEO of AC Energy, led Ayala’s energy arm to become one of the fastest growing renewable energy platforms in the region and is now one of the core businesses of the Ayala Group.
The move comes on the heels of key leadership and strategic changes announced by Ayala Corp. last month including the semi-retirement of Jaime
Augusto as Ayala CEO.
Jaime Augusto, the seventh generation captain of the country’s oldest conglomerate, is passing the reins of the sprawling empire to his younger brother Fernando starting in April. He will, however, remain chairman of the company.
Jaime and Fernando are the two sons of tycoon Jaime Zobel de Ayala of the prominent Ayala clan, a Filipino family of Spanish and Danish-German ancestry.
Ayala also announced the appointment of Ayala Corp. CFO Jose Teodoro “TG” Limcaoco as the new president and CEO of banking arm BPI effective April this year. Limcaoco will succeed Cezar Consing.
Alberto de Larrazabal, previously with Globe, will succeed Limcaoco as Ayala’s CFO, chief risk officer and chief sustainability officer.
Ayala Corp. is engaged in real estate, financial services, telecommunications, with investments in water, electronics, automotive and health care among others.