The country’s oldest conglomerate, Ayala Corp., has announced a major reorganization of its key officials to strengthen its executive team and enhance the "trajectory" of its core businesses.

Manila Water president Antonino Aquino will leave the water concessionaire to take over the post of Jaime Ayala as president of Ayala Land.

Aquino will be replaced by Rene Almendras, Manila Water's Group Director of Business, while Ayala will be returning to Ayala Corp. as senior managing director and member of the Group Management Committee.

Globe Telecom has also announced the appointment of Ernest Cu as new president and chief executive officer (CEO).

Cu succeeds Gerardo Ablaza Jr., who will return to Ayala Corp. to help oversee the Ayala Group’s business interests in telecommunications, banking and allied fields. Ablaza will remain as a member of Globe’s board of directors and will be elected chairman of the Executive Committee after the company's stockholders meeting this April.

In October last year, Cu joined Globe Telecom as deputy CEO. He was widely credited as having played a key role in building and defining the business process outsourcing industry in the Philippines.

"Ayala Corp. takes pride in its deep bench of senior executives. We like to provide them with opportunities for continuous growth and take a proactive approach to preparing our teams for new or changing value creation opportunities," said Ayala Corp. chairman and CEO Jaime Augusto Zobel de Ayala.

"The business environment continues to shift and we would like to adapt to these changes in a more progressive way. It is in this spirit that we are pleased to announce several movements in our senior executive group that will strengthen the holding company’s executive team while enhancing the trajectory of three of our important operating companies, namely Ayala Land, Globe Telecom and Manila Water," he added.

The appointments will take effect after the involved companies' stockholders meetings.