Geline Salac

Article (news)

Lopez Inc.

ABS-CBN News

The board of Lopez, Inc. this morning (May 14) withdrew its February 27 resolution removing Federico “Piki” Lopez as president and CEO.In a statement, the 71 percent Lopez majority said the move opens a window for discussions among the family members. The case is now at the Court of Appeals for the lifting of the injunction.The withdrawal presents an opportunity for the whole family to step back, re-consider their adversarial positions, and look for options that are least injurious to the family, the Lopez group, and the investing public, the statement said.“Harm has been done to everybody. Reputational damage is there. Our family has been in a fishbowl with everybody looking in. Agreements have been signed with undeserved financial penalties especially for the investing public”, it said.The majority said it is open to a ceasefire subject to a reasonable expectation of a fair compromise and access to information but is more than ready to ramp up its efforts to protect its legal and pecuniary interests if there is none.The Lopez majority fired Piki in a 5-2 board vote in accordance with its by-laws which allow the removal of any of its officers with or without cause.In Piki’s case, the majority said it lost its trust and confidence in him after he, through First Gen, entered into P125-billion deals without any authority from the majority.They also discovered self-serving “poison pills” in the said deals that would penalize the Lopez group and shareholders of First Gen up to P24B and cross-default loan provisions should he be removed from his job.

The board of Lopez, Inc. this morning (May 14) withdrew its February 27 resolution removing Federico “Piki” Lopez as president and CEO.

The board of Lopez, Inc. this morning (May 14) withdrew its February 27 resolution removing Federico “Piki” Lopez as president and CEO.

Lopez majority withdraws resolution removing Piki; Majority is open to a fair solution but ready for more action

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Lopez majority withdraws resolution removing Piki; Majority is open to a fair solution but ready for more action

ABS-CBN News

Published May 14, 2026 01:04 PM PHT

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Updated May 14, 2026 01:17 PM PHT

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Lopez Inc

Piki Lopez

First Gen

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