ABS-CBN Corporation on Tuesday announced the retirement of its chief executive officer Eugenio "Gabby" Lopez III, 60, effective at the end of 2012.
The company's board of directors has appointed Ma. Rosario “Charo” Santos-Concio as the new CEO, the Lopez-led media network said in a disclosure to the Philippine Stock Exchange.
However, Lopez will continue as chairman of the ABS-CBN board.
Since 2008, Santos-Concio has been the president and chief operating officer of the network while handling the entertainment division. She was the head of Channel 2 in 2006 and its executive vice president in 1998.
In 1993, Lopez was president of ABS-CBN Broadcasting Corporation and was appointed chairman and CEO by his father – the late Eugenio “Geny” Lopez, Jr. – in 1996.
ABS-CBN has been the leading network since its founding in 1953. But in 1972 to 1986, the company and all its affiliates were wrested from the Lopezes by the Marcos regime. During most of the Martial law years, Lopez was in the US and worked as assistant vice president at Crocker National Bank's back office processing area.
Then-President Corazon Aquino returned control of the company to the Lopezes in 1986, and Gabby was named director of finance by his father. A year later, he became general manager.
Under his leadership, ABS-CBN’s staple businesses steadily grew. He led the company’s diversification toward interactive media, sound recording, post-production, international cable and satellite distribution, sports programming and licensing and merchandising.
In 1997, he formed the Lopez Communications Group – the management committee that oversees the development and implementation of convergence projects for ABS-CBN, BayanTel and SkyCable, as well as the family’s investments in telecommunications and cable telephony and data warehousing across the three companies. He was also CommGroup chairman and CEO.
Lopez holds a Bachelor of Arts in Political Science from Bowdoin College and a Master of Business Administration from Harvard Business School. — Edgardo Tugade/VS, GMA News