Money & Power

Aboitiz Equity Ventures Chairman Jon Aboitiz Passes Away at Age 70

The family has confirmed the news of his death.
IMAGE ABOITIZ.COM
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The family of Jon Ramon Melendez Aboitiz, chairman of Aboitiz Equity Ventures (AEV), has passed away. EV chief executive Erramon I. Aboitiz confirmed the news and said the passing of their 70-year-old patriarch is “a big loss for us all.”

Apart from being chairman at AEV, Jon Aboitiz also served as president of the Aboitiz Foundation and non-executive director of Union Bank of the Philippines. He held the position of CEO of AEV from 1994 to 2008 and president from 1976 to 2008. According to Forbes, his net worth was $265 million. 

Erramon Aboitiz was appointed as his successor at AEV.

Jon Aboitiz started working with the Aboitiz Group in 1970, after earning his Management degree from the University of Santa Clara, California. He first worked with Aboitiz Shipping Corporation before working with the conglomerate’s other businesses such as the Davao Light & Power Company, the Visayan Electric Company, and the Aboitiz Power Corporation. He worked his way up from a manager position and became the AEV’s president in 1976.

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There have been reports of the Aboitiz group grooming its next generation for bigger roles within its various businesses.

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