Eugenio “Gabby” Lopez III has stepped down from his post as ABS-CBN Corporation’s chairman emeritus and director, the broadcast giant announced Thursday, September 24.
“Mr. Eugenio ‘Gabby’ Lopez III, today, tendered his resignation for personal reasons as Chairman Emeritus and Director of ABS-CBN Corporation,” the network said in a statement on Thursday.
Lopez, 68, also resigned as director of ABS-CBN Holdings Corporation, Sky Vision Corporation, Sky Cable Corporation, First Philippine Holdings Corporation, First Gen Corporation, and Rockwell Land Corporation, ABS-CBN said.
“He expressed 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 network added.
ABS-CBN’s Board of Directors accepted Lopez’s resignation during the organizational meeting held after the firm’s annual stockholders’ meeting.
“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,” it said.
“We respect his decision, offer him our full support, and express our sincerest gratitude for the tradition of innovation, nationalism, and public service that he cultivated in the minds and hearts of all Kapamilyas, past and present,” it added.
The board also vowed to continue the journey that Lopez and his father began.
ABS-CBN president and CEO Carlo Katigbak thanked the network’s remaining employees.
“Thank you to those who are staying behind, for believing in our future, and for enduring this sacrifice in order to continue serving the public,” he said.
Mario Luza Bautista was elected as ABS-CBN director to replace Lopez.
Bautista, 66, has served as the General Counsel of the Company as well as a member of the Board of Advisors since 2011.
Bautista graduated with a bachelor of arts degree in communication arts from the Ateneo de Manila University in 1975. He obtained his bachelor of laws degree from the University of the Philippines in 1979 and ranked sixth in the Bar Examinations of that year.