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Aboitiz Board Extends SMA's Term To December 2027

On May 5, 2021, the Board of Directors of Aboitiz & Company (ACO) and Aboitiz Equity Ventures, Inc. (AEV) approved the extension of Sabin M. Aboitiz’s term as Group President and CEO to December 31, 2027, from his original scheduled retirement date of December 31, 2024.

The boards' vote of confidence for Sabin comes as AEV and its business units are targeting recovery after the widespread economic disruption caused by the COVID-19 pandemic. The Aboitiz Group posted a consolidated net income of PHP7.8 billion in the first quarter of 2021, a 276% increase from PHP2 billion from the same period in 2020.

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.

— Chairmen's Message, Aboitiz & Co. and Aboitiz Equity Ventures

SMA took office as the President and CEO of Aboitiz Equity Ventures on January 1, 2020, succeeding his brother, Erramon I. Aboitiz. His first year as chief executive of the Group was hailed for his decisive leadership, innovative mindset, and ensuring business continuity amid the turbulent economic climate due to the pandemic.

“At the helm of this ship is our captain, AEV President and CEO Sabin M. 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 harbor in the years to come,” said the ACO and AEV Chairmen's joint message to the Group. “Under his watch, the Group was able to ensure the safety and wellbeing of our team members — the lifeblood of our organization — and that delivery of our vital products and services to communities remained unhampered.”

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