Lopez Majority Withdraws Resolution to Oust Piki Lopez as Lopez Inc. President and CEO
The group controlling 71% of Lopez Inc. reversed its February decision to oust Federico “Piki” Lopez during a board meeting on May 14, 2026. The move opens the door for family discussions and a potential fair resolution to the intra-corporate dispute. The Lopez majority cited harm from reputational damage and up to P24 billion in penalties tied to power deals with Prime Infra.
RapplerThe Lopez majority in Lopez Inc. withdrew its February resolution removing Federico “Piki” Lopez as president and CEO during a board meeting on May 14, 2026. The group representing 71% of Lopez Inc. " It added that it remains open to a "fair solution" to the family and intra-corporate dispute.
"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 Lopez majority said. " The reversal follows a 5-2 board vote on February 27 in which the Lopez majority removed Piki Lopez, citing loss of trust and confidence.
The Lopez majority cited P125-billion deals First Gen struck with Prime Infra without authority from the majority as the reason for the ouster.
Piki Lopez secured an injunction from the Court of Appeals preventing his ouster from Lopez Inc. The Court of Appeals case regarding the lifting of the injunction is ongoing. "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," the Lopez majority said.
The group referred to "poison pills" in the First Gen-Prime Infra power deals that would penalize the Lopez group and First Gen shareholders up to P24 billion if Piki Lopez is removed from Lopez Inc. and First Gen. First Gen refers to the provisions as "change of management control" provisions and states they were required by Prime Infra.
Lopez Inc. 66% of First Philippine Holdings (FPH). 84% of First Gen, giving Lopez Inc. an effective indirect stake in First Gen of roughly 38%. First Gen is listed on the Philippine Stock Exchange with its own board.
Rappler reported that the Lopez majority fired Piki from Lopez Inc. on February 27 after the board vote for cause. He had been president of Lopez Inc. until that date.
Key Facts
Story Timeline
3 events- 2026-05-14
Lopez majority withdraws February resolution removing Federico “Piki” Lopez as president and CEO during board meeting
1 sourceRappler - 2026-02-27
Lopez Inc. board votes 5-2 to remove Piki Lopez citing loss of trust over P125-billion deals with Prime Infra
1 sourceRappler - 2026-02-27
Piki Lopez obtains Court of Appeals injunction preventing ouster; case on lifting injunction remains ongoing
1 sourceRappler
Potential Impact
- 01
Reputational damage to the Lopez family from public intra-family dispute now subject to de-escalation
- 02
Potential avoidance of up to P24 billion in financial penalties for Lopez group and First Gen shareholders if leadership change is averted
- 03
Opportunity for negotiated settlement between family factions that could stabilize governance of Lopez Inc. and its energy holdings
Transparency Panel
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