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Aboitiz group extends terms of CEO, president until 2027

THE board of directors of Aboitiz Equity Ventures, Inc. (AEV) has given the go signal to extend Sabin M. Aboitiz’s term as the listed holding company’s president and chief executive officer until Dec. 31, 2027.

Mr. Aboitiz was supposed to step down at the end of 2024.

“[He] has proven to be a leader who can steer us wisely and resolutely in the right direction, through turbulent waters toward a safe and prosperous harbour in the years to come,” Endika M. Aboitiz, chairman of AEV, said in a statement on Wednesday.

Succeeding his brother Erramon I. Aboitiz, the group’s current president ran the ship beginning Jan. 1 last year. He was lauded by the company for his “decisive leadership, innovative mind-set and ensuring business continuity amid the turbulent economic climate due to the pandemic.”

“The board’s vote of confidence for Sabin comes as AEV and its business units are targeting recovery after the widespread economic disruption caused by the COVID-19 pandemic,” AEV said.

For the first three months of 2021, the Aboitiz group’s income soared by 276% year on year to P7.6 billion from P2 billion.

AEV shares at the stock exchange on Wednesday declined by 1.26% to P35.30 each. — Keren Concepcion G. Valmonte

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