Lopez majority (71 percent) moves to oust Piki Lopez, citing by-laws that allow removal by majority vote, though a court order keeps him in place for now
Clash centers on P125 billion First Gen–Razon deals, with the majority alleging lack of disclosure and preparing legal action
Core issue is governance vs insider rules: majority asserting oversight rights versus limits on sharing market-sensitive information
The Lopez family majority has asserted control at Lopez Inc., backing the ouster of Federico “Piki” Lopez, who heads the group’s sprawling power business, on alleged governance concerns and loss of trust.
In a statement on Tuesday, the three family factions led by the family branch of media tycoon Eugenio “Gabby” Lopez III said the board voted 5–2 on Feb. 27 to remove Piki Lopez as president and CEO.
It added that the Lopez Inc. by-laws “allow the removal of any corporate officer even without cause by a majority vote.”
A court order, however, has temporarily blocked his ouster and allowed him to remain in his post.
Lopez-Razon deals under scrutiny
The dispute centers on First Gen Corp.’s P50 billion sale of a 60 percent stake in its natural gas business to tycoon Enrique Razon Jr. in 2025 and its reinvestment of about P75 billion into Razon’s pumped storage hydro projects announced earlier this year.
Based on reports, Piki Lopez’s camp alleged the issues surfaced after he refused to commit funds to the Gabby Lopez-backed ABS-CBN Corp., which has been struggling with losses since losing its franchise in 2020.
Piki Lopez is the CEO of First Gen and its parent firm, First Philippine Holdings Corp.
An insider said the group is pushing for transparency and has no quarrel with Razon.
Audit push and disclosure gaps
Meanwhile, the controlling shareholders alleged “questionable transactions” involving billions of pesos in companies under Piki Lopez’s watch and said legal action is being prepared.
“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 statement said.
“The majority did not sign but said it would push for an audit for the protection of all shareholders,” it added.
Majority questions NDA
The majority also said several Lopez board members only learned about the transactions through media reports, raising concerns over disclosure.
“One of the transactions was basically a done deal when it was presented for discussion for an hour before the board. It was included under ‘other matters’ in the agenda. Questions about the validity of the board approval were also raised,” the majority Lopez faction said in the statement.
An insider said Piki Lopez’s camp offered to open its books but only under certain conditions, including the signing of a non-disclosure agreement, or NDA.
“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,” it added.
—Edited by Miguel R. Camus
