Ayala reshuffles execs to 'deepen bench talents'

MANILA, Philippines - Ayala Corp., one of the Philippines’ largest and oldest conglomerates, reshuffled its senior executives to various positions within the group. The movements will be effective after the annual stockholders meetings of Ayala Land Inc., Manila Water Co. Inc., and Globe Telecom Inc. next month, Jaime Augusto Zobel de Ayala, Ayala chairman and chief executive officer said. Movements have been approved by the respective boards of directors of the companies, he added. Ayala Land’s Jaime Ayala will return to Ayala Corp. as senior managing director and a member of its group management committee. Manila Water’s Antonino Aquino will take Ayala’s post in the property company. Rene Almendras of Ayala Land’s Visayas-Mindanao Group and concurrent President of two listed companies, Cebu Holdings Inc. and Cebu Property Ventures and Development Corp. will be replacing Aquino in Manila Water. Globe’s Gerardo Ablaza Jr. will also be rejoining the holding company to help oversee the Ayala Group’s business interests in telecommunications, banking, and allied fields. He will remain a member of the Globe board of directors and will be elected the chairman of the executive committee after the stockholders meeting in April. Ablaza will be replaced by Ernest Cu, who has been appointed as Globe deputy executive officer in October 2008. Cu co-founded contact center operator e-Telecare Global Solutions Inc. “Ayala Corp. takes pride in its deep bench of senior executives. We like to provide them with opportunities for continuous growth and take a proactive approach to preparing our teams for new or changing value creation opportunities. The business environment continues to shift and we would like to adapt to these changes in a more progressive way," the company’s chairman said. “It is in this spirit that we are pleased to announce several movements in our senior executive group that will strengthen the holding company’s executive team while enhancing the trajectory of three of our important operating companies, namely Ayala Land, Globe Telecom, and Manila Water," Zobel added. For his part, Fernando Zobel de Ayala, the company’s president and chief operating officer, said that the group “is entering an unprecedented global economic environment with a strong balance sheet, and Jim’s strategic expertise, executive track record and M&A experience will be useful in the Group’s pursuit of new opportunities." “Ayala takes pride in its deep bench of senior executives and are very fortunate to count Jim, Tony and Rene among them. Through these movements, we are able to strengthen the holding company, enable our operating companies to continue on their trajectory of performance, and provide our executives with new challenges and opportunities." The revamp of senior executives was part of the company’s “focus in people development" and “deepening the bench of talents," John Philip Orbeta. Ayala's managing director for Corporate Resources Group. “There's no specific timetable (for the reshuffle) and depends on available opportunity," Orbeta said in a telephone interview. In 2008, Globe's net profits declined 15 percent to P11.27 billion. Ayala Land reported lower earnings in the fourth quarter of 2008 from P957 million from P1.27 billion but full-year net income rose 10 percent to P4.8 billion. Manila Water's net income barely improved to P2.788 billion last year from P2.42 billion in 2007. - GMANews.TV