Lopez Holdings Corp., the parent company of ABS-CBN Corp. and First Philippine Holdings Corp., announced on Friday a shakeup in its board composition after the resignation of its two top officials.

Chairman Emeritus Oscar M. Lopez and Vice Chairman Eugenio Gabriel “Gabby” L. Lopez III both stepped down from their respective positions due to “personal reasons.”

“The board of directors thanked them for their tremendous contribution to Lopez Holdings for 27 years,” the company said in a statement.

In a recent organizational meeting, the board installed Philippine Ambassador to Japan Manuel M. Lopez – the brother of Oscar and Gabby – as the new chairman emeritus, while Federico R. Lopez was voted chairman, and Martin L. Lopez as vice chairman.

Federico, Oscar’s son, is the company’s treasurer since 2010. He is now replaced by Miguel L. Lopez, the present executive vice president, who also serves as a member of the board of directors and treasurer of Rockwell Land Corp.

Gabby Lopez earlier resigned as chairman emeritus and director of ABS-CBN, three months after the media giant’s broadcast franchise application was denied by the House of Representatives.

Shares in Lopez Holdings inched down 0.44% to close at P2.27 each on Friday. — Adam J. Ang