Lopez Holdings Corp said its chairman emeritus Oscar M. Lopez and vice chairman Eugenio Lopez III tendered their resignations on Friday due to personal reasons. 

Both officials have served as directors of the corporation since its inception, Lopez Holdings Corp. said in a disclosure to the stock exchange.

"The board of directors thanked them for their tremendous contribution to Lopez Holdings for 27 years," the statement said. 

Remaining directors filled the vacated seats, it said.

Ambassador Manuel M. Lopez, the company chairman since 2010, was elected as chairman emeritus. Federico R. Lopez, treasurer since 2010, was elected chairman while Martin L. Lopez was elected as vice chairman.

Miguel L. Lopez was elected as treasurer, the company said.

Federico R. Lopez is the chairman of First Philippine Holdings Corporation (FPH) while Martin L. Lopez is the chairman of ABS-CBN Corp. The company said First Philippine Holdings and ABS-CBN are major investees.

Lopez Holdings Corp. by the Lopez family serves as the holding firm for investments in major development sectors.