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Companies

Ayala picks CEO's brother Fernando as first new chief in 15 years

Jaime Augusto stays on as chairman of Philippine conglomerate, decoupling roles

MANILA -- The run of Philippine conglomerate Ayala's longtime chief will draw to a close next year as his younger brother takes over in April.

Outgoing CEO Jaime Augusto Zobel de Ayala, 61, will remain chairman and focus on that job, according to the company. Fernando Zobel de Ayala, 60, will move up from chief operating officer to CEO while continuing as president.

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