Billionaire Gabby Lopez is leaving his family’s business empire, two months after its crown jewel, ABS-CBN Corp. was shut down by Congress. In a statement, ABS-CBN said the 68-year old Lopez has resigned for “personal reasons” s chairman emeritus and director of the former media giant. Lopez is also resigning as director of ABS-CBN Holdings, Sky Vision Sky Cable, First Philippine Holdings, First Gen Corp., and Rockwell Land.
Lopez has been with ABS-CBN since his family regained control of the company in 1986. He took control of the station in 1999 after the death of his father, Geny Lopez. Lopez retired as CEO of ABS-CBN in 2012 and as chair of the Lopez business empire in 2018.
ABS-CBN recently reported an attributable net loss of P3.16 billion for the second quarter, swinging from a profit of P695.80 million in the same period last year.
The company said its advertising revenues suffered a sharp decline during the period following the issuance on May 5 by the National Telecommunications Commission of a cease-and-desist order against its broadcast operations.
ABS-CBN’s total revenues for the second quarter dropped 55.17% to P4.68 billion from P10.44 posted in the same period last year.
Mr. Lopez cited “personal reasons” for his resignation, which is effective immediately, ABS-CBN said in an e-mailed statement. Gabby Lopez’s with his real name Eugenio Lopez III, is a Filipino media mogul who has a net worth of $90 million in 2019.
-StockBytes PH, September 25, 2020.
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