Aboitiz Equity Ventures Inc. (AEV) executive vice president and chief operating officer Sabin Aboitiz will be taking over as company president and CEO beginning 1 January 2020.
The AEV board of directors approved the transition 11 December 2018. This will take place upon the retirement of Sabin’s older brother and current AEV president and CEO Erramon Aboitiz, also on 1 January 2020.
The AEV board of directors also approved the appointment of Endika Aboitiz as chairman, Mikel A. Aboitiz as vice chairman, and Ana Delgado as a new board member.
“A significant factor in our Group’s success over the past 100 years has been one of seamless succession and transition to the next generation of leaders, ensuring the continuity as well as the evolution of our culture, our policies and how we do business,” Erramon said.
Sabin has been with the Aboitiz Group for the past 32 years, holding various management positions in the company’s food, infrastructure and then-transport strategic business units. Currently, he is the president and CEO of both Aboitiz InfraCapital and Pilmico, the food subsidiary of the Aboitiz Group.
Earlier this year, Pilmico acquired Singapore-based food firm Gold Coin — one of Asia’s largest agribusiness firms — with Sabin leading the professional execution of the transaction. With his strong and competent leadership, Pilmico has enjoyed significant savings and increased efficiencies as a result of synergy projects with Gold Coin.