ABS-CBN Holdings chief Tirona resigns amid layoffs

Salvador G. Tirona has resigned as chairman, chief executive officer, president and chief operating officer of ABS-CBN Holdings Corp., citing personal reasons, as the broadcaster announced layoffs affecting around 7 percent of its workforce.

In a disclosure to the Securities and Exchange Commission dated 14 September, the company said Tirona’s resignation took effect on the same day.

Tirona had served as a director of ABS-CBN Holdings since 2020. He was appointed chairman of the board, president, CEO and COO in March 2023. The disclosure did not provide further details on his reasons for leaving beyond citing “personal reasons.” It also did not identify a replacement for any of the positions he held.

ABS-CBN Holdings is the issuer of Philippine Depositary Receipts tied to shares of ABS-CBN Corp. The company’s Tuesday SEC filing lists 87.36 million outstanding PDRs.

Tirona is also president, chief operating officer and chief finance officer of Lopez Holdings Corp., according to the Lopez group. He has served as a director of Lopez Holdings since 2010 and previously held the position of comptroller of ABS-CBN Holdings from 2010 to 2020.

The latest ABS-CBN Holdings filing was signed by Assistant Corporate Secretary Maria Amina O. Amado.

At the start of 2026, Tirona was still listed as ABS-CBN Holdings’ chairman, CEO and COO at the company’s organizational meeting on 29 January.

Tirona’s exit follows the broadcaster’s announcement that it would cut about 200 jobs, or 7 percent of its workforce, as the company tries to shore up its finances amid a difficult year for the content industry.

In its 15 September statement, the company cited the Middle East conflict, high inflation and weak economic growth as factors weighing on advertising and consumer spending.

“The program will cover around 200 people or 7% of the company’s workforce. We know this will deeply affect our employees and their families, and we intend to manage this the way we have always done—with compassion for our Kapamilya,” the broadcaster said.

The retrenchment comes less than a month after ABS-CBN announced a P6-billion equity raise, with P3.5 billion coming from I&C Holdings and P2.2 billion from three Lopez family investment companies, leaving the Lopez family without majority shareholder status.

“The new investments are a vote of confidence in the future of the company and will help ABS in our journey towards recovery and new successes,” the company said.

“We are in the process of re-building and re-creating ABS-CBN towards a new future as a global storytelling company.”

ABS-CBN reported P6.88 billion in consolidated revenue in the first half of 2026, down 17 percent year-on-year, while its net loss widened to P1.83 billion from P852 million, marking a continued downturn after the loss of its franchise in 2020.

Tirona’s departure also marks the latest shake-up within the broader Lopez family business group. Former ABS-CBN chairman Eugenio “Gabby” Lopez III’s Crème Investment sold its 25.68 percent stake in Lopez Inc. to businessman Ramon S. Ang in a bid to squash the family feud, which reportedly stemmed from factions led by the former and de facto family leader Federico “Piki” Lopez over the fledgling broadcaster’s direction.