MANILA, Philippines — The Aboitiz Group, the Cebu-based conglomerate that has built a diverse empire of businesses, yesterday witnessed the passing of an era with the retirement of Erramon “Montxu” Aboitiz. Aboitiz, the president and CEO of Aboitiz Equity Ventures (AEV), will retire effective Jan. 1, 2020 and will be succeeded by his younger brother Sabin. Erramon Aboitiz, a member of the fourth generation of the Aboitiz clan, is credited for the group’s successful diversification into infrastructure. Through Aboitiz Power, the group has at least 2,500 megawatts in attributable capacity. “We are happy to announce that Aboitiz & Co. (ACO) and AEV boards approved today the appointment of Sabin Aboitiz to replace Erramon Aboitiz, upon his retirement as Group president and CEO effective January 1, 2020.

Source: Philippine Star December 12, 2018 16:01 UTC