A majority bloc representing 71% ownership of Lopez Inc. has removed Federico “Piki” Lopez as company president, citing governance concerns and loss of trust, while clarifying he will remain on the board. The decision, confirmed by Eugenio “Gabby” Lopez III and other family members, follows a board vote and a subsequent legal dispute that has intensified a long-standing internal rift within the Lopez family business group.
MANILA, Philippines — The family behind Lopez Inc. has found itself at the center of a deeply personal yet highly consequential corporate decision, as members representing 71% of the company’s majority ownership united to remove Federico “Piki” Lopez as president of the conglomerate. In a strongly worded but measured statement, the majority bloc publicly owned the decision, while emphasizing that it does not amount to a complete separation. Piki Lopez, they clarified, will remain a member of the board.
The move was confirmed by former ABS-CBN Corporation chairman and CEO Eugenio ‘Gabby’ Lopez III, together with 11 other third-generation members of the Lopez family. Collectively, they stated that each of them authorized their respective family representatives on the board to vote in favor of Piki’s removal as president.
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“Each of us affirms that we authorized our family representative on the board to vote to remove Piki as president. This was not an easy decision for any of us. And no, this was not led by any one person or faction within the family,” the group declared.
The majority shareholders were careful to stress that the decision was not meant to destroy reputations or futures. “To be clear, he will remain as a board member but no longer as president. Our only objective is to do what is right. It has never been our intention to take away any individual’s future or reputation,” they added.
Among those who signed the statement were Gabby Lopez’s siblings Ernesto Miguel L. Lopez, Rafael L. Lopez, Roberta Pilar Lopez Feliciano, Ramon Javier L. Lopez, and Maria Cristina Rosario Lopez Grassi. Also included were cousins from the Presentacion Lopez branch Maria Eugenia Psinakis Brown and Michael Lopez Psinakis and members of the Manolo Lopez branch: Manuel “Beaver” L. Lopez Jr., Maria Margarita Lopez Lichauco, Miguel L. Lopez, and Martin L. Lopez. Together, they represent approximately 71% of Lopez Inc.
The statement followed a 5–2 board vote in February removing Piki from the presidency. However, the situation quickly escalated when Piki secured a court order blocking his removal not only from Lopez Inc. but also from his positions in other Lopez-related companies. This legal development added another layer of complexity to what was already a sensitive family and corporate dispute.
According to the majority group, the decision stemmed primarily from a loss of trust. They alleged that Piki failed to inform or consult them regarding major transactions involving First Gen Corporation and Prime Infrastructure Capital Inc.. These included the ₱50-billion sale of First Gen’s gas business and a ₱62-billion acquisition of a stake in a hydropower venture.
The group also pointed to what they described as “poison pill” provisions embedded in the agreements. According to them, these clauses could cost up to ₱24 billion and would allow Prime Infrastructure to acquire First Gen at a 25% discount in the event of a leadership change. They argued that such provisions effectively entrenched Piki’s position and made his removal financially burdensome for the company.
“It is only ethical that Piki should not have requested or accepted a poison pill without consulting the majority shareholders,” the group asserted, framing the issue as one of governance and fiduciary responsibility rather than personal animosity.
Beyond corporate governance concerns, the majority shareholders also criticized Piki for bringing the conflict into the public sphere. They maintained that from the outset, their intention was to handle the matter privately within the family.
“From the beginning, keeping our families intact and unharmed was of paramount importance. It was never our desire to take this path or for it to reach this point,” they said.
Despite the public attention the dispute has drawn, the group signaled that they do not intend to engage in further public exchanges. “We remain committed to being responsible and doing what is best for everyone involved… We will not participate in public arguments; instead, we will speak through our actions,” they concluded.
The unfolding developments highlight the delicate balance between family unity and corporate accountability within one of the Philippines’ most prominent business dynasties. While Piki Lopez remains on the board, the presidency of Lopez Inc. now stands as a symbol of both shifting leadership dynamics and the broader governance challenges facing large, family-led conglomerates.
Lopez Family Rift Deepens as Gaucha Lopez Rejects “Piki vs. Gabby” Narrative, Calls It a Majority Revolt Within the Clan
A widening internal rift within the Lopez family has taken on sharper public contours after Gaucha Lopez, wife of Raffy Lopez, rejected widely circulated narratives framing the dispute as a personal clash between First Gen Holdings president Federico “Piki” Lopez and former ABS-CBN chairman Eugenio “Gabby” Lopez III.
In a detailed Facebook post, Gaucha Lopez insisted that the conflict is not a duel between two prominent figures of the family, but rather a broader breakdown of trust involving a majority of Lopez family branches against Piki Lopez himself.
“The prevailing narrative in media describing our family conflict as a battle between Piki and Gabby is far from the truth,” she wrote. “This is about the majority of the Lopez family (three branches) losing faith and trust in Piki (one branch)… I believe many of his own siblings are not fully aligned with his actions.”
Gaucha Lopez also revealed what she described as years of unsuccessful attempts to establish a formal family governance structure. According to her, initiatives to create a “family constitution” with the help of consultants ultimately stalled due to a lack of participation from Piki Lopez.
“For four years, I worked to unite the family while engaging consultants to help us build a family constitution and governance structure that would guide not only our generation but also future ones,” she said. “However, there was one person who never supported it—Piki.”
The post further raised concerns about corporate transparency within the Lopez business empire. Gaucha alleged that the board of Lopez Inc. had been denied access to the financial records of First Philippine Holdings (FPH), despite its significance within the group’s portfolio.
She also claimed that major transactions involving billions of pesos were carried out without broader family consultation.
“When we tried to look into FPH and its subsidiaries, Piki would always say, ‘Why focus on FPH when the issue is clearly ABS?’” she wrote. “After four years, the Lopez Inc. board was never given access to FPH financial records. We only know what is publicly available.”
Gaucha Lopez also criticized what she described as selective media focus and external commentary, questioning why attention repeatedly centers on ABS-CBN and First Philippine Holdings.
“Why are Piki and certain media outlets so fixated on ABS-CBN? Why is he so protective of FPH’s books?” she asked, adding that the lack of transparency had eroded trust within the family. “This is not Piki versus Gabby. This is Piki versus all of us.”
First Gen Holdings, meanwhile, maintained that all of its transactions are conducted under strict corporate governance standards and are subject to board approval and transparency protocols. The company reiterated that its operations remain “business as usual.”
It also cited the continuing effect of a writ of preliminary injunction issued by the Mandaluyong Regional Trial Court, which temporarily blocks the removal of Piki Lopez as president of Lopez Inc. and First Gen.
At the heart of the internal disagreement is a reported proposal to allocate ₱2 billion from Lopez Inc.’s reserve fund to support ABS-CBN Broadcasting Corp., which has faced severe financial strain since losing its franchise renewal in 2020.
Piki Lopez and his brother Benjamin “Jay” Lopez have reportedly opposed the move, citing unresolved audit findings and concerns that funds could be diverted to executive compensation rather than operational recovery for ABS-CBN.
What began as internal governance disagreements has now evolved into a highly public and increasingly complex family and corporate dispute, with questions of transparency, control, and legacy at its core.
While court proceedings and corporate policies continue to hold the formal structure in place, the public exchange of statements suggests that reconciliation within one of the country’s most influential business dynasties remains distant.
The prevailing narrative in the media about our family dispute characterizes it as a battle between Piki and Gabby. Nothing could be further from the truth. This is about the majority of the Lopez family (three branches) having lost faith and trust in Piki (one branch). This is not Piki vs Gabby. This is about Piki vs all his cousins, except for his siblings. For that matter, I suspect that many of his own siblings are not fully onboard with Piki’s actions.
I have read several articles that say the reason this dispute has reached this point is because of a lack of a family constitution and governance structure. I could not agree more. For four years, I strived to unite the family as we retained family consultants to help us craft a family constitution and create a governance structure that would guide not only us (third gen) but all future generations – our children and our children’s children.
For something like this to work, there must be full buy-in from all four branches. However, there was ONE person who was NEVER on board – Piki. When we tried to look into FPH and its subsidiaries, Piki would always say, “Why are you looking at FPH when ABS is clearly the problem?”
The bottom line is that after four years the Lopez Inc board was never given access to the financial records of FPH. We know nothing about FPH beyond what is in the public domain. Then, Piki does his multi-billion-peso transactions without consulting his cousins. Why are Piki and Bilyonario so obsessed with ABS? Why is Piki so protective of FPH’s books? His actions are the reason there is a loss of trust. He is not transparent and runs the businesses we ALL own as if they were his own. This is not Piki vs Gabby. It is Piki vs ALL of us.