MANILA, Philippines – The media network ABS-CBN on Thursday announced that Gabby Lopez has resigned as the chairman emeritus and director of ABS-CBN Corporation effective immediately.
In a statement, the ABS-CBN said Lopez tendered his resignation during its first stockholders’ meeting since Congress rejected its bid for franchise renewal.
Lopez cited personal reasons for quitting his post.
“Mr. Lopez also tendered his resignation as director of ABS-CBN Holdings Corporation, Sky Vision Corporation, Sky Cable Corporation, First Philippine Holdings Corporation, First Gen Corporation, and Rockwell Land Corporation effective immediately,” it added.
The network said its board of directors accepted his resignation “with regret” and thanked him for his contributions to the company.
“We thank him for his dedication and leadership in expanding and transforming ABS-CBN beyond television through the years,” the company 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. We shall continue the journey that he and his father began as we remain in the service of the Filipino,” it added.
The network said the Board of Directors has elected Mario Luza Bautista as director of the corporation to fill the vacancy created by Lopez’s resignation.
The broadcast company’s franchise expired on May 4 which triggered a shutdown order from the National Telecommunications Commission. Since its closure, it has been off the air for more than four months now and laid off hundreds of employees.
It also stopped its broadcast operations, opting for online livestream of its select news and entertainment programs.