UMVA has learned that GMA Network has reshaped its board, naming former Chief Justice Reynato S. Puno and ex‑Deutsche Bank Philippines chief Enrico S. Cruz as the new independent directors.
The move replaces Artemio V. Panganiban and Jaime C. Laya, two stalwarts who have steered the company’s governance for nearly twenty years. Their departure marks the end of an era and signals a fresh strategic direction.
According to information obtained by UMVA, the board overhaul follows GMA Network’s decision to abandon a legal battle against a Securities and Exchange Commission rule that caps independent director tenure at nine years. The company’s motion to withdraw the lawsuit was granted by a Makati court, after a prior request for a restraining order was denied.
The SEC’s nine‑year limit aims to preserve board independence, preventing long‑standing directors from growing too entrenched and potentially compromising objectivity. By embracing the rule, GMA Network aligns itself with the regulator’s push for fresh perspectives at the helm.
Both Puno and Cruz bring heavyweight experience: Puno’s legacy as a former chief justice and Cruz’s deep banking expertise promise to inject rigorous oversight and strategic insight into the media giant’s operations.
Shareholders will now weigh in on the nominations, a critical step that could solidify the company’s renewed governance framework.
In a separate development, GMA Network reported a stark 87 % plunge in attributable net income for the first quarter, slipping to just P102.47 million as advertising revenues waned.
The earnings dip rattled the market, nudging the stock down six centavos to close at P4.82 per share.
