Eugenio “Gabby” Lopez 3rd has stepped down as chairman of media giant ABS-CBN Corp, turning over the position to cousin Martin “Mark” Lopez.
Gabby Lopez’s retirement after over two decades at the helm was announced during ABS-CBN’s annual stockholders’ meeting on Thursday.
“As every athlete knows, there comes a time when inevitably it’s time to let go of the reins and allow others to take over,” he said in a speech.
“My father has always said ‘broadcasting’ is for the young. After all, today’s digital world is vastly different from the world I managed,” he added.
The 65-year-old Gabby, who also served as a chief executive officer from 1997 to 2012, stressed: “[I] will not disappear into the woodwork.”
He was then elected chairman emeritus, following his father Eugenio “Geny” Lopez Jr. who was given the post in 1997.
ABS-CBN said Gabby Lopez was responsible for transforming the company “from being the country’s biggest broadcasting network into being the country’s leading media and entertainment company.”
He paved the way for the introduction of the company’s cable TV service SkyCable, global subscription channel The Filipino Channel, and streaming sites TFC.tv and iWant TV, and ABS-CBN TVplus, a digital terrestrial television product.
The media firm’s new chairman, Mark Lopez, said he accepted “this huge responsibility of carrying on the company’s vision of being in the service of the Filipino—using the blueprint of excellence and innovation set by Gabby”.
“ABS-CBN has played an instrumental role in nation-building in the past 65 years. We understand what the company means to the Filipino and this country, and we will take this to heart as we guide the company through its digital transformation,” he added.
Mark was previously ABS-CBN’s chief technology officer, focusing on the company’s strategic directions and technology operations as well as its modernization program.
He also spent 13 years at power distribution utility Manila Electric Co. (Meralco) where he was vice-president and chief information officer, and president of subsidiary e-Meralco Ventures, Inc.
Also yesterday, ABS-CBN disclosed that its board had given the go-signal for an additional investment of P592 million to fund Sky Cable’e expansion.
Gabby Lopez’s retirement after over two decades at the helm was announced during ABS-CBN’s annual stockholders’ meeting on Thursday.
“As every athlete knows, there comes a time when inevitably it’s time to let go of the reins and allow others to take over,” he said in a speech.
“My father has always said ‘broadcasting’ is for the young. After all, today’s digital world is vastly different from the world I managed,” he added.
The 65-year-old Gabby, who also served as a chief executive officer from 1997 to 2012, stressed: “[I] will not disappear into the woodwork.”
He was then elected chairman emeritus, following his father Eugenio “Geny” Lopez Jr. who was given the post in 1997.
ABS-CBN said Gabby Lopez was responsible for transforming the company “from being the country’s biggest broadcasting network into being the country’s leading media and entertainment company.”
He paved the way for the introduction of the company’s cable TV service SkyCable, global subscription channel The Filipino Channel, and streaming sites TFC.tv and iWant TV, and ABS-CBN TVplus, a digital terrestrial television product.
The media firm’s new chairman, Mark Lopez, said he accepted “this huge responsibility of carrying on the company’s vision of being in the service of the Filipino—using the blueprint of excellence and innovation set by Gabby”.
“ABS-CBN has played an instrumental role in nation-building in the past 65 years. We understand what the company means to the Filipino and this country, and we will take this to heart as we guide the company through its digital transformation,” he added.
Mark was previously ABS-CBN’s chief technology officer, focusing on the company’s strategic directions and technology operations as well as its modernization program.
He also spent 13 years at power distribution utility Manila Electric Co. (Meralco) where he was vice-president and chief information officer, and president of subsidiary e-Meralco Ventures, Inc.
Also yesterday, ABS-CBN disclosed that its board had given the go-signal for an additional investment of P592 million to fund Sky Cable’e expansion.
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