[ad_1]
MANILA, Philippines – Eugenio “Gabby” López III, the media mogul at the center of President Rodrigo Duterte’s devastating attacks on ABS-CBN Corp., resigned from the company on Thursday (September 24), giving The next generation of leaders a free hand in navigating a crisis triggered by the loss of their franchise in the midst of a pandemic.
López, 68, chairman emeritus and chairman of the ABS-CBN board, cited personal reasons for leaving the media giant that his father, Eugenio López Jr., founded in the 1950s and became the largest television network in the country.
The resignation was announced after ABS-CBN’s annual meeting on Thursday.
López also left management positions at ABS-CBN Holdings Corp., Sky Vision Corp., Sky Cable Corp., First Philippine Holdings Corp., First Gen Corp. and Rockwell Land Corp.
“We respect his decision, offer him our full support, and express our sincerest appreciation for the tradition of innovation, nationalism and public service that he cultivated in the minds and hearts of all Kapamilyas, past and present,” ABS-CBN said in a declaration.
“We will continue the journey that he and his father began while remaining in the service of the Filipino,” ABS-CBN said, adding that Lopez will be replaced by company attorney Mario Luza Bautista on the meeting.
Close family associates and former and current employees described Lopez as a visionary leader who modernized ABS-CBN, where he spent 35 years, serving as the company’s CEO and later as president.
He oversaw ABS-CBN’s diversification from television broadcasting that turned the company into a multimedia conglomerate.
Under his leadership, ABS-CBN took pioneering steps in digital television and eventually reached millions of viewers across the country. The company also expanded its international business, launching broadband and satellite television through SkyCable Corp. and the internet television service iWant.
However, not all companies were successful. His ambitious telecommunications company with Globe Telecom, called ABS-CBN Mobile, failed in 2018 after years of losses.
Known as “EL3” by employees, Lopez was ABS-CBN’s greatest champion even within the boardroom.
During a meeting several years ago, Lopez vigorously rejected a proposal made by a family member to sell ABS-CBN because it was making less money than some of the group’s more profitable business units, a source familiar with the company told Inquirer. discussion.
López and ABS-CBN were attacked during the Duterte government.
The president accused López of greed for failing to air some of his political ads during the 2016 election, even when free speech advocates dismissed it as an attempt to gain influence over a powerful media group.
As Duterte escalated threats to shut down ABS-CBN, López in 2018 handed the reins over to his younger cousins Carlo Katigbak and Martin “Mark” López, who now serve as CEO and president of the company.
Lopez assumed the ceremonial title of president emeritus, a move that observers say could deflect attacks on ABS-CBN as it pursued a new 25-year broadcast franchise.
Even then, the House of Representatives sat on ABS-CBN’s bid for the franchise renewal until it expired on May 4.
This allowed the National Telecommunications Commission to immediately order the closure of ABS-CBN’s free-to-air broadcasts, disrupting millions of viewers and listeners, and then its digital and satellite television services.
On September 10, the NTC ordered the withdrawal of ABS-CBN transmission frequencies.
Duterte’s allies in the House removed the request on July 10 after marathon hearings that failed to prove that Lopez, who has dual citizenship, is not Filipino or that the company violated tax, labor and securities laws.
ABS-CBN laid off nearly 5,000 workers as a result of the loss of its franchise and the closure of business divisions, including much of its regional news operations.
Lopez is retiring as lawmakers said they will continue to investigate the company, including the deeds to its sprawling Quezon City headquarters that house valuable broadcast assets.
They questioned how the Lopezes got the property back after the late dictator Ferdinand Marcos, who took over the network in 1972, was overthrown by the Revolt of Popular Power in 1986.
Following the loss of its franchise, ABS-CBN continues to operate pay TV and remains present through its online channels and on social media. It also retains ownership of an extensive library of content, including popular movies and TV shows.
During the network’s annual meeting on Thursday, Katigbak warned that “tough times” will continue until 2020.
But he said the company will continue to produce entertainment and news content to reach viewers through available platforms.
“It is with confidence that we pledge to you, our dear shareholders, that we will emerge from this crisis as a better, stronger and more successful company,” said Katigbak.
“It will be a difficult journey up to that point, but our history has shown that ABS-CBN’s burning passion for serving the Filipino cannot be extinguished,” he added.
TSB
Read next
EDITOR’S SELECTION
MOST READ
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer and more than 70 other titles, share up to 5 gadgets, listen to the news, download from 4am and share articles on social media. Call 896 6000.
[ad_2]
