AEV chairman Jon Ramon Aboitiz passes away

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Aboitiz Equity Ventures, Inc. (AEV) Chairman Jon Ramon M. Aboitiz passed away on Friday, Nov. 30. He was 70, according to a company representative.

Mr. Aboitiz served as president and chief executive officer of AEV from 1994 to 2009, before passing on the post to cousin Erramon I. Aboitiz upon retirement. He served as chairman of the conglomerate’s board of directors until his death.

The Aboitiz Group of Companies dates as far back as the late 1800s, when Paulino Aboitiz founded Aboitiz & Company as an abaca trading and general merchandise business in Ormoc, Leyte, according to the company’s Web site.

Mr. Aboitiz belonged to the family’s fourth generation. He graduated from the University of Sta. Clara in California with a degree in BS Commerce in 1970, after which he joined the family business through Aboitiz Shipping Corp.

The Aboitiz group has since diversified its core businesses to power generation, distribution and retail electricity supply, financial services, food manufacturing, real estate, infrastructure, and portfolio investments. AEV’s subsidiaries include Aboitiz Power Corp.; Union Bank of the Philippines, Inc.; Pilmico Foods Corp.; Aboitiz Land, Inc. and Aboitiz InfraCapital, Inc.

Mr. Aboitiz and brother Mikel were ranked as 33<sup>rd</sup> richest Filipino by <i>Forbes</i> magazine in its 2018 list released on September, with a net worth of $265 million.

While serving as AEV’s chairman, Mr. Aboitiz also sat on the board of various listed companies, including Razon-led Bloomberry Resorts Corp. and International Container Terminal Services, Inc. — Arra B. Francia