In a surprising turn in the Lopez family corporate dispute, First Gen Corporation Chairman and CEO Federico “Piki” Lopez has nominated several family members—including former rivals—to continue serving on the board of ABS-CBN Corporation.
The nominations come just months after Piki was ousted from key leadership roles by members of his own family, and amidst reports that three family branches aligned with former ABS-CBN Chairman Emeritus Eugenio “Gabby” Lopez III agreed to sell their combined 70.83% controlling stake in Lopez Inc., the family’s private investment firm.
This reported transaction could potentially bring an end to the long-standing feud over the family’s extensive business empire.
Ahead of the company’s annual stockholders’ meeting on August 19, Piki submitted the nominations for:
- Mark Lopez (Incumbent ABS-CBN Chairman)
- Carlo Katigbak (ABS-CBN President and CEO)
- Rafael Lopez (Former ABS-CBN Global COO)
- Federico “Piki” Lopez (Himself)
Rather than fielding a competing slate, Piki opted to back the reelection of directors who had previously allied against him during the internal family power struggle.
Additional Board Changes
Other leadership shifts are expected during the upcoming meeting. Raymund Miranda nominated former ABS-CBN President and CEO Charo Santos-Concio, currently an executive consultant, to replace economist Emmanuel S. De Dios.
Meanwhile, shareholder Teresita Villareal nominated STI Education Systems Holdings President and CEO Monico Jacob as an independent director to succeed political analyst Randolf David, while also nominating incumbent independent director Honorio Poblador IV for retention.
The corporate updates follow a delay in ABS-CBN’s annual stockholders’ meeting, which was rescheduled from July 24 to August 19. Addressing the delay in a letter to the Securities and Exchange Commission (SEC), corporate secretary Enrique I. Quiason explained that the company had been “constrained” to push back the date due to “issues involving the submission of nominations for directors.”
“These issues have been resolved … and the company does not wish to further postpone the ASM,” Quiason stated in the filing.
The media network offered no further details on the nature of the nomination issues.
The developments arrive amid a highly publicized rift that had spilled into regulatory proceedings, where Piki challenged ABS-CBN management and board actions before the SEC while opposing family factions sought his removal from various family-held companies.
The reported sale of the majority stake in Lopez Inc. may redefine the governance structure and settle the protracted struggle over the family’s assets.