April 03, 2014

ALI nominates new CEO

In a press statement yesterday, Ayala Land Inc yesterday announced the nomination of Bernard Vincent Dy as new president and CEO to succeed Mr. Antonino Aquino. Mr. Aquino will continue to sit on the company's board. Mr. Dy's nomination is slated for confirmation by the board in the next shareholders' meeting.

Our take: The succession plan has been well-flagged by the company for over a year now during which ALI has planned for a smooth turnover. Mr. Dy should be a good successor as he has been with the company for around 17 years serving in various capacities and was involved in the development of Bonifacio Global City, the expansion of the company's residential brands into the lower-end markets, redevelopment and expansion of the commercial center division, and the company's foray into retail operations. – WealthSec