ABS-CBN Corporation is proposing to expand its board of directors from seven to nine members, with Chief Operating Officer for Broadcast Cory Vidanes and Chief Partnership Officer Bobby Barreiro nominated to occupy the two additional seats.
The media company disclosed the nominations in a regulatory filing, saying the new positions will be created once shareholders and the Securities and Exchange Commission approve the proposed amendments to its articles of incorporation.
Vidanes is a longtime ABS-CBN executive who has held the position of COO for Broadcast, while Barreiro has also served in various senior leadership positions within the company.
Aside from the board expansion, ABS-CBN is seeking to increase its authorized capital stock threefold, from ₱1.5 billion to ₱4.5 billion.
Under the amended proposal, the company would be authorized to issue 4.24 billion common shares with a par value of ₱1 each, along with 1.3 billion preferred shares carrying a par value of ₱0.20 each.
The proposed changes will still require approval from ABS-CBN shareholders and the appropriate regulatory authorities.