Gabby Lopez, uncle Oscar also leave holding firm

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After stepping down as director of FirstGen Corporation, Eugenio “Gabby” Lopez III also left his post as Vice Chairman and Director of Lopez Holdings Corporation, together with his uncle Oscar Lopez, who also ended his stint as the holding firm’s Chairman Emeritus and Director.

Based on the company’s disclosure to the Philippine Stock Exchange, Gabby, 68, and Oscar, 90, let go of their posts effective October 2, citing “personal reasons.”

Lopez Holdings owns 47.8% of First Philippine Holdings Corporation, which in turn owns 66.2% of First Gen.

Replacing Gabby in his posts at Lopez Holdings is cousin Martin “Mark” Lopez, who also is chairman of ABS-CBN, another family-owned company. Meanwhile, Oscar’s seat as chairman emeritus will be filled by younger brother Manuel, while Federico will take over his slot as director.

Gabby resigned as director of First Gen and other Lopez-owned firms, as well as chairman emeritus of ABS-CBN after the House of Representatives denied the media giant’s franchise renewal.

The shutdown on ABS-CBN, of which Lopez Holdings owns 56.6%, has greatly affected the family’s wealth, including Oscar’s. Forbes magazine reported last month that Oscar’s net worth fell 48% to $240 million this year due to the network’s shutdown.

Photo credit: Wikimedia