Philippines – Philippine conglomerate ABS-CBN corporation which owns namesake media and broadcasting giant has announced that its chairman emeritus and director Eugenio “Gabby” Lopez has tendered his resignation. Lopez has also decided to step down effective immediately as acting director of the conglomerate’s subsidiaries: ABS-CBN Holdings Corporation, Sky Vision Corporation, Sky Cable Corporation, First Philippine Holdings Corporation, First Gen Corporation, and Rockwell Land Corporation.
ABS-CBN said it held an organizational meeting today where the board of directors of the corporation has accepted with regret the resignation of Lopez
“We thank him for his dedication and leadership in expanding and transforming ABS-CBN beyond television through the years. Just like his father, Eugenio ‘Kapitan Geny’ Lopez Jr., Gabby is a visionary and a compassionate leader driven by his love for the Philippines and the Filipino people. He would always tell the men and women of ABS-CBN that being a part of the network is not a job, but a calling,” the board said.
Lopez cited personal reasons for his resignation. According to the press statement issued by ABS-CBN, he expresses his appreciation for the trust of the stockholders as well as to his co-directors and senior management for the privilege of having served with them over the years.
The board of directors has elected today Mario Luza Bautista to fill the directorial position. Bautista, who is 66 years old, has served as the general counsel of the company and has been a member of the company’s board of advisors since 2011. He is also a board adviser of First Philippine Holdings Corporation.
ABS-CBN Corporation’s flagship media network has been shut down in May by the country’s National Telecommunications Commission due to its franchise expiry. Starting July, a number of its broadcast personalities has subsequently announced their resignation from the network.
