Members of the Lopez family controlling 71 percent of holding company Lopez Inc. have issued a public statement clarifying their decision to remove Federico “Piki” R. Lopez (FRL) as president, citing a total “loss of trust and confidence.”

The group, representing three branches of the family, expressed regret over the public nature of the dispute. They stated that the matter should have remained private, but claimed Piki chose to make it public. Over time, they noted, they have lost all confidence in their cousin.

The move was backed by a significant roster of the clan, including Maria Cristina Rosario Lopez Grassi, Roberta Pilar Lopez Feliciano, Maria Margarita Lopez Lichauco, Maria Eugenia Psinakis Brown, Eugenio L. Lopez III, Rafael L. Lopez, Ernesto Miguel L. Lopez, Manuel L. Lopez, Jr., Ramon Javier L. Lopez, Miguel L. Lopez, Michael Lopez Psinakis, and Martin L. Lopez.

The group clarified that FRL will remain a board member, but not as president. They maintained that their only motive is to do the right thing, rather than to rob any individual of their reputation or future.

Despite the family’s vote, the transition is currently stalled. A Writ of Preliminary Injunction issued by the Mandaluyong Regional Trial Court prevents the implementation of the Feb. 27, 2026, board resolutions that sought to remove FRL and appoint Rafael Lopez as his replacement. The injunction also protects FRL’s roles as an officer and director in other corporations where Lopez Inc. holds voting rights.

The majority argues that FRL’s removal is a matter of transparency. They alleged that FRL bypassed the board on massive strategic moves, including the ₱50-billion sale of 60 percent of First Gen’s natural gas business to Prime Infrastructure last November and the ₱62-billion acquisition of a 33 percent stake in Prime’s hydropower business this April.

The group claimed they were neither informed nor consulted, calling the exclusion a clear failure of fiduciary responsibility.

Perhaps most damning are the family’s claims regarding “poison pills” embedded in these deals. According to the majority, the contracts stipulate that if FRL is removed from management, First Gen must pay Prime Infra ₱24 billion and allow Prime to buy out First Gen’s interests at a 25 percent discount.

The group noted that through these poison pills, Piki effectively made himself indispensable because the cost of removing him, even for non-performance, would be too great. They argued that ethics dictate FRL should not have accepted such terms without consulting the majority shareholders.

The family emphasized that the decision was not the work of a single disgruntled faction but a unified front. They expressed that keeping the family intact was of primary importance and that it was never their intention to proceed in this manner.

Moving forward, the Lopez majority insists that removing FRL is the only way to protect the company’s legacy and adhere to their values. They concluded by stating their commitment to doing what is best for everyone involved, noting that they will not engage in a back-and-forth public argument but will instead speak through their actions. (James A. Loyola)