Fernando Zobel de Ayala has resigned as vice chairman of the board, president, and CEO of the Ayala Corp., the oldest and largest conglomerate in the country.

In a disclosure to the Security and Exchange Commission (SEC) on Monday, Sept. 12, Ayala Corp. said Zobel de Ayala’s resignation will “allow him to focus more on his recovery and health.”

It did not disclose any other details about his health recovery.

In a separate disclosure to the SEC, he also stepped down from board member positions of Ayala companies Globe Telecom Inc., Ayala Land, Bank of the Philippine Islands (BPI), ACEN Corp., and Integrated Micro-Electronics Inc. (IMI).

On Aug. 15, Zobel took a medical leave of absence but no further details regarding the leave were released at that time.

Ayala Corp said Cezar P. Consing will remain the acting president, CEO, and member of the executive committee.

Consing was elected by the board during the medical leave of absence of Zobel de Ayala.

In 1994, Zobel succeeded his father Jaime Zobel de Ayala, as the Ayala Corp. president and CEO.