By Bilyonaryo staff
Bilyonaryo Eugenio “Gabby” Lopez III may have sold his family branch’s stake in the private parent of the Lopez empire, but he is making a fresh run at one of its key boardrooms.
The former ABS-CBN chairman is seeking a seat on Lopez Holdings Corp., joining seven other members of the clan in a crowded board race at the listed holding company’s Sept. 14 annual stockholders’ meeting.
The eight family nominees are Gabby; Lopez Holdings chairman and CEO Federico “Piki” Lopez; vice chairman and ABS-CBN chairman Martin Lopez; Lopez Inc. chairman and incumbent director Rafael Lopez; First Philippine Holdings vice chairman Benjamin Lopez; ABS-CBN finance vice president Catherine Lopez; FPH director Mercedes Lopez Vargas; and Miguel Lopez.
They are among 17 candidates seeking positions on a board with only seven seats, three of which are reserved for independent directors.
The crowded field emerged after independent directors Roberto Panlilio and Consuelo Garcia resigned in May. Lopez Holdings initially postponed its annual meeting to give minority shareholders more time to nominate independent directors.
Gabby’s appearance on the ballot is particularly notable after his branch of the family sold its entire 25.68% stake in Lopez Inc. to bilyonaryo Ramon S. Ang earlier this month.
Crème Investment Corp., the holding company representing Gabby and his siblings, sold the stake to Ang, who invested in his personal capacity through his wholly owned holding company. The price was not disclosed.
Gabby said the sale was intended partly to ease the family dispute that had spilled into the courts.
“This dispute has not been good for any of us, or for the people who work in our companies,” Gabby said. “This allows us to take a step towards the restoration of family peace.”
The transaction did not mean Gabby was abandoning ABS-CBN. Days later, Crème and two other Lopez family holding companies committed a combined ₱2.2 billion to the network’s ₱6-billion capital raising. Another ₱3.5 billion is coming from privately held I&C Holdings Corp., whose beneficial owners were not identified in ABS-CBN’s announcement.
Gabby, 73, spent more than three decades at ABS-CBN, rising from general manager to president and eventually chairman and CEO. He remains chairman of ABS-CBN Lingkod Kapamilya Foundation and a director of Lopez Inc., the Oscar M. Lopez Center and Asian Eye Institute, according to the filing.
He is running alongside Martin, his son and the current ABS-CBN chairman, as well as other Lopezes representing different branches and generations of the family.
Piki remains chairman and CEO of Lopez Holdings and also chairs FPH and First Gen. Rafael, Gabby’s brother, is chairman of Lopez Inc. and an incumbent Lopez Holdings director.
Benjamin is vice chairman of FPH, president of INAEC Aviation and senior executive vice president and co-chairman of Lopez Inc. He also sits on the board of Rockwell Land.
Mercedes has been an FPH director since 2021 and executive director of the Lopez Group Foundation since 2012, while Catherine has served as ABS-CBN vice president for finance since 2009 and CFO of ABS-CBN Film Productions since 2019.
Gabby, Miguel and Martin were nominated separately by Miguel and Krizel Gallinero, while Rafael was nominated by Miguel. FPH nominated Piki, Benjamin and Mercedes.
Seven candidates are seeking the independent-director slots: Ma. Rosario Fatima Labay, Kesterson Kua, incumbent Michael Jack Garcia, former Meralco treasurer Rafael Andrada, economist Emmanuel de Dios, Nestor Vasay and former SGV chairman Cirilo Noel.
Lopez Inc. remains the controlling shareholder of Lopez Holdings with a 54.74% stake, while FPH beneficially owns another 15.76%.
For Gabby, the ballot marks an unusual return. His branch has cashed out of its ownership in the private company at the top of the Lopez empire, but weeks later, he is back in the running for a seat at one of its principal listed holding companies.
