Lopez Corporation announced that chairman emeritus Oscar M. Lopez has resigned from his position on Friday, October 2, due to personal reasons.
The Lopez Holdings Corporation is the Lopez family’s holding firm for investments including major development sectors such as broadcasting and cable, telecommunications, power generation and distribution, manufacturing, and property development.
Oscar’s resignation follows after vice-chairman Eugenio Lopez III tendered his resignation for the same reason as well.
The ABS-CBN Corp announced that they were grateful for both the officials for their service in the corporation.
“The board of directors thanked them for their tremendous contribution to Lopez Holdings for 27 years,” the corporation declared.
With the resignation of both the officials, the remaining directors of the corporation filled the vacated positions left. Ambassador Manuel M. Lopez was elected as chairman emeritus for the Lopez Corp. He has been the company chairman since 2010.
Federico R. Lopez who was the treasurer since 2010, was elected chairman, Martin L. Lopez was elected as vice-chairman, and Miguel L. Lopez, executive vice president of Lopez Holdings, was elected as treasurer.
It can be remembered that Eugenio ‘Gabby’ Lopez III recently resigned from his position. In a press release reported by ABS-CBN, it was revealed that also tendered his resignation “effective immediately ” as director of ABS-CBN Holdings Corporation, Sky Vision Corporation, and Rockwell Land Corporation.
The company also mentioned that Gabby expressed his gratitude for the officials of the company for the trust given to him and for allowing him to serve the corporation.
“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.
“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,” ABS-CBN added.
Gabby’s dual citizenship was an issue with some lawmakers when it came to 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,” Gabby 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,” he added.
The resignation of the officials was just after the ABS-CBN network was denied a fresh franchise by the lawmakers which made the network stop airing its free TV and radio broadcasting operations.
