Globe shifts course as JAZA exits; banker Consing takes chair

Globe Telecom Inc. has turned a page on one of its longest-running leadership eras, appointing Cezar “Bong” Consing as chairman following the exit of Jaime Augusto Zobel de Ayala (JAZA), who steps down after decades at the helm.

The change, confirmed at the board’s organizational meeting following the annual stockholders’ meeting, comes as the telco operates amid rising capital requirements and increasing competition in the digital market.

Zobel de Ayala will retain his role as chairman of AsiaCom Philippines Inc., the joint venture between Ayala Corporation and Singtel.

Welcomed with pride

“We welcome with pride the appointment of Bong Consing as chairman of Globe Telecom,” Ayala Corp. chairman JAZA said.

“Bong has long been a valued leader within the Ayala Group and has demonstrated clarity of judgment, discipline in execution, and a deep commitment to strengthening the institutions he serves.”

Added JAZA, “With his leadership, we are confident Globe will continue to build on its strong foundations and play an even greater role in enabling opportunity, progress, and inclusion in the years ahead.”

Distinct financial lens

Consing’s appointment brings a distinctly financial lens to Globe’s top post.

A career banker, he led Bank of the Philippine Islands from 2013 to 2021, steering it through a prolonged growth cycle, and spent nearly two decades at J.P. Morgan, including as president of J.P. Morgan Securities Asia. He had also served as partner and co-head for Asia of The Rohatyn Group.

He currently sits across key Ayala Group companies, serving as chairman of ACEN Corporation and vice chairman of Bank of the Philippine Islands and Ayala Land Inc., among other roles.

In 2025, Globe reported a net income of P23.3 billion, down 4.1 percent from P24.3 billion in 2024, as higher depreciation and interest expenses weighed on earnings.

Including one-off gains from Mynt share disposal and tower transactions, earnings appeared higher, but on a normalized basis, net income declined 4 percent to P20.8 billion. Core net income — which stripped out non-operational factors like asset sales and forex movements — also fell to P20.9 billion from P21.5 billion a year earlier.