Oscar Lopez also exits holding firm due to 'personal reasons'
MANILA, Philippines — Businessman Oscar Lopez joined his nephew Eugenio “Gabby” Lopez III on Friday in quitting their posts at Lopez Holdings Corp. due to "personal reasons."
Oscar, 90, resigned as chairman emeritus of the family's holding firm while Eugenio, 68, vacated his vice chairman position, the company said in a disclosure to the stock exchange. Both officials served as directors since the corporation was founded.
"The board of directors thanked them for their tremendous contribution to Lopez Holdings for 27 years," the company said.
It was the first time Oscar's resignation was announced after after Eugenio over a week ago surprised markets by stepping down as chairman of embattled broadcast giant ABS-CBN Corp. and other family businesses namely Sky Vision Corp., Sky Cable Corp., First Philippine Holdings Corp., First Gen Corp. and Rockwell Corp.
The younger Lopez's departure from the business empire came more than 2 months after administration allies at the House of Representatives killed ABS-CBN's application for a new 25-year franchise.
The shutdown order against the network, a first since the Marcos dictatorship, dealt a major blow on the Lopezes, including Oscar's wealth. Last month, Forbes magazine reported that Oscar's net worth fell 48% to $240 million this year, and ABS-CBN's franchise woes were to blame.
That said, the Lopez clan is already moving to ensure that it would be business as usual for the family corporation despite Oscar and Eugenio's exit. At a meeting, Lopez Holdings said the remaining directors immediately filled the vacated seats by electing Federico Lopez and Martin Lopez, who currently serve as chairs of First Philippine Holdings Corp. and ABS-CBN, respectively.
Manuel Lopez, who has served as chair of Lopez Holdings since 2010, replaced Oscar as chairman emeritus, while Frederico will sit as new company chairman. Martin was elected vice chairman.
The board also handpicked Miguel Lopez, company executive vice president, as treasurer.
On Friday, shares in Lopez Holdings went up by 0.44% to cap the week at P2.27%.
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