Conglomerate Lopez Holdings Corp. said Friday chairman emeritus Oscar Lopez and vice chairman Eugenio Lopez III resigned from the board for personal reasons. It did not provide additional details.
“The board of directors thanked them for their tremendous contribution to Lopez Holdings for 27 years,” the conglomerate in a statement to the stock exchange.
Both officials served as directors of the company since it was established as Benpress Holdings Corp. in 1993. Lopez Holdings is the Lopez family’s holding company for investments in ABS-CBN Corp. and First Philippine Holdings Corp.
Lopez Holdings said the remaining directors led by First Philippine Holdings Corp. chairman Federico Lopez and ABS-CBN chairman Martin Lopez filled the vacated seats during an organizational meeting after the annual stockholders’ event.
Ambassador Manuel Lopez, chairman of the company since 2010, was elected chairman emeritus. Federico Lopez, treasurer of Lopez Holdings since 2010, was elected chairman while Martin Lopez was named vice chairman.
Miguel Lopez, executive vice president of Lopez Holdings, was elected treasurer. He is also a member of the board of directors and treasurer of Rockwell Land Corp.
Eugenio Lopez III also resigned in September from his post in ABS-CBN Corp. and other Lopez-owned firms including Sky Vision Corp., Sky Cable Corp., First Philippine Holdings Corp., First Gen Corp. and Rockwell Land Corp.
The share price of Lopez Holdings rose 0.44 percent on Friday to close at P2.27.