Oscar and Gabby Lopez Resign from Lopez Holdings Corp.
Oscar M. Lopez and Eugenio “Gabby” Lopez III have both quit their positions as chairman emeritus and vice chairman respectively of Lopez Holdings Corp. (LHC) on Friday, October 2. Both cited personal reasons. Gabby is Oscar’s nephew.
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The move follows Gabby Lopez’s resignation from a number of the family’s companies last month, including ABS-CBN Corp., ABS-CBN Holdings Corp., Sky Vision Corp., Sky Cable Corp., Rockwell Land Corp., First Philippine Holdings Corp., and First Gen Corp.
Both Oscar and Gabby Lopez served as directors of the corporation since it was founded in 1993. LHC is the family’s holding company for investments in major development sectors. Its major investees are listed ABS-CBN Corporation and First Philippine Holdings Corporation.
At the organizational meeting that followed the annual meeting of shareholders, the company said its remaining directors have filled the vacated seats by electing First Philippine Holdings Corporation (FPH) chairman Federico “Piki” R. Lopez and ABS-CBN Corporation chairman Martin L. Lopez. FPH and ABS-CBN are major investees of the company.
Meanwhile, Ambassador Manuel M. Lopez, chairman of the company since 2010, was elected chairman emeritus. Federico R. Lopez, who has been treasurer of Lopez Holdings since 2010, was elected chairman while Martin L. Lopez was elected vice chairman. Miguel L. Lopez, executive vice president of Lopez Holdings, was elected treasurer. He is also a member of the board of directors and treasurer of Rockwell Land Corporation.
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The Lopez family is facing harsh challenges this years. Congress declined to renew the legislative franchise to operate of its main business, broadcast company ABS-CBN Corp.. leading to the company announcing massive job cuts and a downscaling of operations.