BIZ BUZZ: New AREIT prexy
The country’s first real estate investment trust (REIT) will undergo a major leadership change after just a year.
AREIT Inc. said on Wednesday that Jose Eduardo Quimpo II stepped down as president and CEO.
Replacing him is Ayala Corp. chief financial officer Alberto de Larrazabal, who was also elected director to serve the unexpired term of Augusto Bengzon.
“We are delighted to welcome Albert as president and CEO of AREIT,” Ayala Land Inc. president and AREIT chair Meean Dy said.
“His strategic insights, financial expertise and deep understanding of the markets and our ecosystem makes him the ideal leader to continue to drive the execution of AREIT’s growth and diversification plans.”
Quimpo, who had only served as president and CEO for less than a year, was lauded for a “successful tenure” and leading AREIT “through accelerated growth and diversification.”
Under his term, Quimpo allowed AREIT to expand its assets under management to P138 billion from P87 billion.
Cheers to Quimpo for his short yet commendable tenure, and De Larrazabal for what’s ahead! —MEG J. ADONIS
