ABS-CBN to keep board largely unchanged

MANILA, Philippines — Media giant ABS-CBN Corp. heads into its long-delayed annual stockholders’ meeting on Aug. 19 with a largely unchanged board slate, adding only two nominees.

A Friday filing said independent director Randolf David and University of the Philippines economist Emmanuel de Dios will leave the board.

Article continues after this advertisement

David advised the board from 2011 to 2021, while De Dios served as independent director before becoming an adviser in 2023.

The independent directors will be replaced by Ma. Rosario “Charo” Santos-Concio, a former ABS-CBN president and CEO and now executive consultant, and Monico Jacob, STI Education Systems Holdings Inc. president and CEO, nominated as independent director.

Santos-Concio led ABS-CBN from 2013 to 2015 and has been an executive consultant since 2016. Jacob previously headed Petron Corp. and the Philippine National Oil Company.

The rest of the board remains largely intact, including chair Martin Lopez, president and CEO Carlo Katigbak, First Philippine Holdings chair and CEO Federico “Piki” Lopez, former ABS-CBN Global COO Rafael Lopez and Navegar managing partner Honorio Poblador IV.

READ: ABS-CBN seen surviving amid Lopez family rift

Article continues after this advertisement

ABS-CBN first moved its meeting to July 24 amid a dispute within the Lopez family involving Piki Lopez and top executives, then reset it to Aug. 19.

In a May complaint with the Securities and Exchange Commission, Piki Lopez accused management of “systematic fraud, misrepresentation” and the “unabated dissipation” of assets.

Article continues after this advertisement

ABS-CBN said it does not want to be drawn further into “a fight that is not even ours to begin with” and said the “public accusations are painful distractions that take time and resources away from what is truly important to us.” /pai INQ