ABS-CBN president resigns

Luis Alejandro, ABS-CBN Broadcasting Network president and chief operating officer, resigned, the company announced Monday. Eugenio Lopez III, ABS-CBN chairman and chief executive officer, will assume the presidency of the company. "Alejandro joined ABS-CBN in 2004 on a two-year contract with the main mandate of effecting organizational restructuring and systems changes in the network, to improve its competitiveness and marketing orientation in the changing business environment of mass media," ABS-CBN said in a statement. ABS-CBN said Alejandro's resignation is a "personal career move". – GMANews.TV