Lopez, Inc. on Wednesday withdrew its February 27 resolution removing Federico “Piki” Lopez as president and chief executive officer, signaling a possible thaw in the escalating corporate and family dispute that has rattled one of the Philippines’ most influential business dynasties.
The Lopez majority bloc, which controls 71 percent of the holding company, said the reversal was intended to create “a window for discussions” among family members as the legal battle moves to the Court of Appeals over the lifting of an injunction tied to the boardroom conflict.
“The withdrawal presents an opportunity for the whole family to step back, reconsider their adversarial positions, and look for options that are least injurious to the family, the Lopez group, and the investing public,” the statement said.
The move marks a temporary de-escalation after weeks of highly public infighting that exposed deep divisions within the Lopez family and raised concerns among investors over governance and strategic direction within the conglomerate’s flagship businesses, including First Gen Corporation.
The Lopez majority previously removed Piki Lopez in a 5-2 board vote, citing loss of trust and confidence after he allegedly entered into P125-billion transactions through First Gen without authorization from the controlling bloc. The group also accused him of approving “poison pill” provisions that could expose the Lopez group and First Gen shareholders to as much as P24 billion in penalties if he were removed from office, alongside cross-default loan clauses tied to his position.
While the withdrawal does not resolve the underlying dispute, it could ease immediate concerns over prolonged instability within the Lopez business empire. Still, uncertainty remains over how governance issues, succession tensions, and shareholder interests will ultimately be resolved.
The Lopez majority said it remains open to a “ceasefire,” but warned it is prepared to intensify efforts to protect its legal and financial interests should compromise fail.
