Gabby Lopez resigns as chairman emeritus, director of ABS-CBN

Eugenio "Gabby" Lopez III has resigned as chairman emeritus and director of ABS-CBN Corp. due to "personal reasons," the company announced Thursday.

In a regulatory filing, ABS-CBN said the resignation was tendered on Thursday, September 24, 2020, and effective the same day.

"Mr. Eugenio 'Gabby' Lopez III, today, tendered his resignation for personal reasons as Chairman Emeritus and Director of ABS-CBN Corporation," the disclosure read. It did not elaborate.

The Board of Directors elected Mario Luza Bautista, the general counsel of the company, as director to fill the vacancy created by Lopez's resignation.

Bautista has been a member of the board of advsisors of the company since 2011. He also serves as a board adviser of the First Philippine Holdings Corp., and a founding partner of the Poblador Bautista and Reyes Law Office where has been a managing partner since 1999.

At present, Bautista has 29,000 shares he directly owns in ABS-CBN Corp.

Earlier this month, the National Telecommunications Commission (NTC) recalled all frequencies and channels assigned to ABS-CBN Corp.

To recall, the NTC on May 5 issued an order for the company to cease and desist from operating its radio and television stations and explain in writing why the frequencies assigned to it should not be recalled for lack of franchise.

This action was a turnaround from NTC Commissioner Gamaliel Cordoba’s statement before the House of Representatives in March that they will issue a provisional authority to ABS-CBN given that the House and the Senate made communications stating they are in favor of such issuance.

In June, the regulator ordered ABS-CBN to cease and desist from operating digital television transmission in Metro Manila using Channel 43, which it uses to broadcast ABS-CBN TV Plus programs.

Then on July 10, House Committee on Legislative Franchise voted to deny ABS-CBN’s franchise application, adopting a committee resolution recommending the denial of the network's franchise application through 70 yes votes, 11 no votes, and three who did not participate.

The bills seeking franchise renewal for ABS-CBN have been pending since 2014 but the House only decided to start its deliberations on these proposals on March 10 this year.

The Supreme Court also dismissed ABS-CBN's petition challenging the NTC's cease and desist order that forced it to shut down broadcast operations last May. —KBK, GMA News