The Conglomerate Conundrum: When Less is Not More Cezar Consing's tenure as CEO of Ayala Corporation has been marked by a resolute commitment to the conglomerate model, one that defies current trends in corporate strategy.
Despite investor and analyst pressure for break ups and spin offs, Consing has doubled down on the structure that many see as outdated.
The numbers tell a story: after a record breaking year in 2025, Ayala's earnings dropped by 7% over the first six months of 2026, with profits at Ayala Land, one of its flagship divisions, falling by 19%.