Ayala reshuffles top execs in key units

Group bracing for tough times ahead.

MANILA, Philippines — The conglomerate Ayala Corp. announced Monday a top-management revamp across its publicly listed telecommunication, property and water distribution units — in a move widely seen as a major step to fortify itself amid a tough economic environment.

Antonino Aquino, credited for the strong performance of Manila Water Co. Inc., was appointed as the new president of Ayala Land Inc. Rene Almendras, currently group director of business at Manila Water, will succeed him in the water concessionaire in Metro Manila’s east zone.

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