Energy sector magnate Federico “Piki” Lopez has been removed as President of Lopez Inc., following a board decision that cited a loss of confidence in his leadership.
In a statement, Lopez Inc. confirmed that the board voted 5-2 on February 27 to oust Piki Lopez. He later secured a temporary restraining order (TRO) from the Mandaluyong Regional Trial Court, but the company maintained that its action was legal.
The firm disclosed that alleged questionable financial transactions under Lopez’s watch influenced the board’s decision, with cases reportedly being prepared against him.
Piki Lopez is a member of the influential Lopez family, whose businesses are heavily invested in the energy and media sector.
While no successor has been officially named, reports earlier suggested that Raphael “Raffy” Lopez, brother of media titan Eugenio “Gabby” Lopez III, could take over the position.
Lopez Inc., 71% controlled by the family, is the parent company of several major enterprises including Rockwell Land Corporation, First Philippine Holdings Corporation, Energy Development Corporation, and ABS-CBN Corporation.