Jamaine Punzalan

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Federico “Piki” Lopez was removed as president and CEO of Lopez, Inc. for cause and for loss of trust and confidence, three Lopez factions representing a 71% majority stake in the family’s holding company said in a statement.It said Lopez, Inc’s by-laws allow the removal of any corporate officer even without cause by a majority vote. The company’s board voted 5-2 to remove Piki on February 27, with Piki and his brother, Benjamin, dissenting. Piki, from the Oscar Lopez group, represents the fourth family faction. A court order temporarily blocked his ouster and allowed him to stay on top.The majority said it has found questionable transactions involving billions of pesos in the companies Piki runs and is now preparing legal action against him and others for betraying their fiduciary obligations.Efforts by the majority to audit First Gen, a listed company that is involved in the subject transactions, were met with a non-disclosure agreement from Piki’s camp prohibiting the use of any adverse information gathered in any complaint. The majority did not sign but said it would push for an audit for the protection of all shareholders, the statement said.The lawyers of the majority had filed a motion for the dissolution of the pro-Piki court order, citing among others the by-laws allowing Lopez, Inc’s board to remove Piki by a majority vote, and also Piki’s opaque management style which is a breach of proper governance.The majority said First Gen entered into transactions involving billions of pesos without informing Lopez, Inc. and its board beforehand. Many Lopez board members said they found out about the deals only through media and only after Piki was pressed for information.One of the transactions was basically a done deal when it was presented for discussion for an hour before the board. It was concealed under “other matters” in the agenda. Questions about the validity of the board approval were also raised, the statement added.Other transactions in the past few years involving huge amounts are also being looked into. The majority said Piki must open the books for an audit without conditions especially since the companies are public.Lopez, Inc. is the parent firm of ABS-CBN.

Federico “Piki” Lopez was removed as president and CEO of Lopez, Inc. for cause and for loss of trust and confidence, three Lopez factions representing a 71% majority stake in the family’s holding company said in a statement.

Federico “Piki” Lopez was removed as president and CEO of Lopez, Inc. for cause and for loss of trust and confidence, three Lopez factions representing a 71% majority stake in the family’s holding company said in a statement.

71% Lopez majority: Piki ousted for cause, loss of trust

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71% Lopez majority: Piki ousted for cause, loss of trust

Published March 31, 2026 02:39 PM PHT

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Updated March 31, 2026 02:45 PM PHT

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