Ayala Land nominates SVP Dy to succeed president and CEO Aquino

Ayala Land Inc. on Wednesday said Bernard Vincent "Bobby" O. Dy, 50, was nominated as new president and chief executive officer to succeed Antonino "Tony" T. Aquino.

This development is part of company's succession plan, the property development noted in a disclosure to the Philippine Stock Exchange, saying Aquino will stay on as a directors and member of the executive committee of the board.

Dy is the current chief operating officer and executive vice president of Ayala Land. His nomination will be submitted for confirmation by the board at the organizational meeting after the April 7 annual stockholders meeting.

"I thank Tony Aquino for his exceptional leadership throughout his 34-year career at the Ayala Group,  Fernando Zobel de Ayala, Ayala Land chairman, said in a statement. “During those years he led the Ayala Property Management Corp. and Manila Water Co. Inc.

“Under his leadership, he dramatically improved the operating efficiency and profitability of Manila Water, which enabled it to make continuous service improvements in its concession area," Ayala added.

Aquino took the helm of Ayala Land in 2009 after leading the Ayala-owned utility Manila Water Co. Inc.

Aquino created the 5-10-15 program for Ayala Land to make P10 billion in net income and 15 percent  return on equity over the five years to 2014.

The billion net income goal was reached a year ahead of original target as Ayala Land, which was associated with high-end residential, started selling residential projects for the middle and low-income markets.

In 1997,  Dy joined Ayala Land and in 2003 was assigned to Fort Bonifacio Development Corp. to spearhead the development of Bonifacio Global City.

"He has overseen major transformative programs over his career with land and residential development, commercial and retail leasing and most recently, as overall chief operating officer," Ayala said.

In the 16 years before joining Ayala Land, Dy studied and worked abroad and earned a bachelor's degree in business administration from the University of Notre Dame in Indiana, USA. He obtained his master's degree in business administration and in international relations at the University of Chicago.

He has held senior regional positions for multinational companies in Hong Kong and China. – VS, GMA News