JAIME AUGUSTO Zobel de Ayala (JAZA) has stepped down as chairman and director of Globe Telecom, Inc., with the board electing Ayala Corp. President and Chief Executive Officer (CEO) Cezar P. Consing as his successor.
In a regulatory filing on Tuesday, Globe said Mr. Zobel will proceed to function chairman of Asiacom Philippines, Inc., the corporate’s three way partnership with Ayala Corp. and Singtel Telecommunications Ltd., one among its major shareholders.
“Today, we honor JAZA’s legacy defined by his visionary and transformative leadership and an unparalleled commitment to excellence,” the corporate said.
Globe didn’t disclose the explanation for Mr. Zobel’s resignation. He had served as chairman since December 1996 and as director since March 1989.
“Serving our Board for 37 years, and 30 years as our chairman, JAZA has been the principal architect of Globe’s evolution from a cable company into the country’s first digital telco and today’s leading mobile network operator,” Globe said.
In a separate filing, Globe said its board also elected Jaime Alfonso Antonio Zobel de Ayala and Tan Mee Ling Aileen as co-vice chairpersons.
Mr. Consing has been president and CEO of Ayala Corp. since 2022 and a member of the Ayala Group Management Committee since April 2013. He also chairs ACEN Corp.
Before leading Ayala Corp., he served as president and CEO of Bank of the Philippine Islands from 2013 to 2021, following a profession as an investment banker at JP Morgan & Co. from 1985 to 2004.
“Possibly Mr. Consing will proceed to be within the expansive direction,” First Metro Investment Corp. Head of Research Cristina S. Ulang said in a Viber message.
She said the leadership change may signal a shift in Globe’s focus toward data centers, artificial intelligence, and financial technology, and will pave the best way for mergers and acquisitions.
Globe said Mr. Zobel played a key role in expanding access to connectivity and in launching digital services corresponding to GCash, in addition to ventures through Kickstart Ventures and 917Ventures.
“JAZA was also a staunch advocate of sustainability and responsible business practices. Along with his support, Globe became a longtime climate leader within the country, the primary publicly listed company to get its net zero roadmap validated from SBTI (Science Based Targets initiative), and today’s highest ESG rated telco company within the country,” the corporate said.
The leadership change follows the appointment of Carl Raymond R. Cruz as Globe’s president and CEO last 12 months, replacing Ernest L. Cu.
For 2026, Globe said it expects low- to mid-single-digit revenue growth after a decline in 2025.
The telecommunications company reported a 4.12% drop in net income to P23.3 billion for 2025 from P24.3 billion in 2024, weighed down by higher depreciation and interest expenses and lower revenues.
Shares in Globe rose P13, or 0.79%, to shut at P1,653 apiece on Tuesday. — Ashley Erika O. Jose