Aboitiz Equity extends Sabin Aboitiz’s term as president, CEO for another 3 years

Diversified conglomerate Aboitiz Equity Ventures Inc. (AEV) on Wednesday announced the extension of Sabin Aboitiz's term as group president and chief executive officer (CEO) for another three years.

In a regulatory filing, AEV said the Aboitiz board of directors approved the extension to December 31, 2027, from the originally scheduled retirement date of December 31, 2024.

Sabin stepped up as president and CEO of AEV on January 1, 2020, succeeding his brother Erramon Aboitiz, leading the company to post a 276% increase in its bottom line for the first three months of the year.

AEV reported a consolidated net income of P7.8 billion in the first quarter of the year, up from P2 billion in the same period in 2020.

"At the helm of this ship is our captain, AEV President and CEO Sabin Aboitiz, who 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," said AEV chairman Endika Aboitiz.

AEV expects its profit to hover near pre-pandemic levels this year and climb higher in 2022, as the economy recovers from COVID-19.

AEV's core businesses are grouped into power generation; distribution and retail electricity supply; financial services; food manufacturing; real estate; infrastructure; and portfolio investments.

"These times have indeed been extraordinary and unexpected, and the Aboitiz Group has managed to adapt and respond to them by learning from the lessons of 2020 and always working to become a future-ready organization with the commitment, passion, innovation, and resilience of our leaders and team members," the AEV chairman said.

Shares in AEV closed Wednesday at P35.30, down by P0.45 or 1.26% from Tuesday's finish of P35.75. — Jon Viktor D. Cabuenas/BM, GMA News