Retirement of The Ayala Chairman
In January 2006, the board of directors publicly announced the decision by Jaime Zobel de Ayala to retire as chairman of the corporation by April 2006. The board also announced Zobel de Ayala's appointment as chairman emeritus upon his retirement. His elder son, Jaime Augusto Zobel de Ayala, succeeded him as Chairman and Chief Executive Officer of the corporation, while his younger son, Fernando Zobel de Ayala, has assumed the position of President and Chief Operating Officer. The family holding company Mermac continues to hold a majority stake in Ayala Corporation.
Read more about this topic: Ayala Corporation
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