MANILA (2nd UPDATE) — Ayala Corp president, CEO and vice chairman of the board Fernando Zobel de Ayala, who is currently on medical leave, has resigned to focus on his health and recovery, the company said Monday.

The resignation is effective immediately, Ayala Corp said in a disclosure to the stock exchange. He also resigned from the company's other subsidiaries.

"Please be informed that Mr. Zobel de Ayala tendered today his resignation from our Board and from the aforementioned positions effective immediately to allow him to focus more on his recovery and health," the company said.

Ayala Corp said the Board would elect a replacement as director in due course.

Last Aug. 15, the company said Cezar Consing was appointed as acting president and CEO.

In separate disclosures, companies under Ayala Corp announced that Zobel de Ayala also stepped down from various executive posts.

Ayala Land Inc said Zobel de Ayala resigned as the chairman of the board. Globe Telecom also disclosed that Zobel de Ayala has stepped down as member and co-vice chairman of the board.

He also relinquished his post as the vice chairman of the board of directors of the Bank of the Philippine Islands, the bank disclosed. Ayala Corp's energy unit ACEN also announced Zobel de Ayala's resignation as member and chairman of the board of directors.

Meanwhile, Jaime Augusto Zobel De Ayala, who sits as chairman of Ayala Corp, earlier said the family is "fully supportive" of his brother's decision to focus on his health.

• Ayala Corp says president, CEO Fernando Zobel de Ayala on temporary medical leave
• What you can learn from one of Philippines' richest families
• Enrique Razon replaces Fernando Zobel as Manila Water's top honcho

RELATED VIDEO:

Watch more News on iWantTFC