Fernando Zobel de Ayala has stepped down as a member and Chairman of the Board of Directors of ACEN Corporation, the company disclosed to the Philippine Stock Exchange on Monday.
“Please be informed that Mr. Fernando Zobel de Ayala has tendered today his resignation as member and Chairman of our Board of Directors effective immediately due to health reasons. His replacement will be elected by our Board of Directors in due course,” ACEN said in a statement.
Zobel also resigned as conglomerate Ayala Corporation’s vice chairman of the board, president and CEO. He also stepped down as board member of Bank of the Philippine Islands, Globe Telecom, Ayala Land, and Micro-electronics.
The former Ayala official has been on a medical leave of absence since August 15 this year.
In recent developments, ACEN and Citicore Renewable Energy Corporation recently energized their 72-megawatt (MW) Arayat-Mexico solar farm in Pampanga. It is set to expand the solar farm by another 44 MW by 2023.
ACEN is looking to achieve a 5,000 MW all renewable energy portfolio by 2025. The Ayala energy company currently has an attributable capacity of 3,800 MW across the Asia Pacific.