Eugenio “Gabby” Lopez III on Thursday, September 24, resigned as chairman emeritus and director of embattled ABS-CBN Corporation for “personal reasons.”

Lopez, 68, also stepped down as director of ABS-CBN Holdings Corporation, Sky Vision Corporation, Sky Cable Corporation, First Philippine Holdings Corporation, First Gen Corporation, and Rockwell Land Corporation.

His resignation comes as ABS-CBN fights to operate despite the non-renewal of its congressional franchise.

“We thank him for his dedication and leadership in expanding and transforming ABS-CBN beyond television through the years,” ABS-CBN’s board of directors said in a statement.

“Just like his father, Eugenio ‘Kapitan Geny’ Lopez Jr, Gabby is a visionary and a compassionate leader driven by his love for the Philippines and the Filipino people. He would always tell the men and women of ABS-CBN that being a part of the network is not a job, but a calling.”

Lopez remains to be a stockholder of ABS-CBN, holding 769,960 shares.

Mario Bautista was appointed as ABS-CBN director to replace Lopez.

Bautista, 66, has served as the general counsel of the network and a member of the board of advisors of the company since 2011.  He is also a board adviser of First Philippine Holdings Corporation. – Rappler.com