ABS-CBN Corporation has announced that Eugenio “Gabby” Lopez III has tendered his resignation as President Emeritus and Director of ABS-CBN Corporation “for personal reasons.”
In a press release, ABS-CBN reported that Lopez also tendered his resignation “effective immediately ” as director of ABS-CBN Holdings Corporation, Sky Vision Corporation, and Rockwell Land Corporation.
He shared his gratitude for the confidence of the shareholders, as well as his co-directors and senior management, for the privilege of having worked with them over the years.
“He expressed his appreciation for the trust of the stockholders as well as his co-directors and senior management for the privilege of having served with them over the years,” ABS-CBN said.
At the organizational meeting held after the annual meeting of the company’s shareholders, the Board of Directors of ABS-CBN approved with regret the resignation of Lopez.
“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.
“We shall continue the journey that he and his father began as we remain in the service of the Filipino,” the firm vowed.
Tracking back, when ABS CBN was fighting for another 25-year franchise, Gabby Lopez was at the center of questioning by House members.
Lopez’s dual citizenship was in the spotlight when some lawmakers asked whether he was fit to operate a mass media corporation, as he is also an American citizen.
“My understanding from my lawyer was that I am a natural-born Filipino citizen because both my parents are Filipino citizens,” he said.
“But because I was not born in the Philippines, I did not have a Filipino birth certificate. So it behooves me to have a recognition by the Department of Justice and the Bureau of Immigration for whatever legal purposes I may use of that recognition.”
The Department of Justice and the Securities and Exchange Commission also claimed that this was not a matter of concern, since it also retained Philippine citizenship, but some claimed that his use of an American passport allegedly cast doubt about where his loyalty lay.
Mario Luza Bautista, cousin of Gabby Lopez, will take his place as director of the ABS-CBN Organization.
After the network was shut down, ABS-CBN has laid off thousands of staff and ceased broadcasting, using live streams of selected news and entertainment programs instead.