In a significant de-escalation of a high-profile corporate battle, the board of Lopez, Inc. officially withdrew its February 27 resolution today, May 14, which had previously removed Federico “Piki” Lopez as President and CEO.
The move, initiated by the 71% Lopez majority, aims to halt adversarial proceedings and move the ongoing dispute toward a mediated settlement.
The majority noted that the withdrawal creates a necessary “window for discussions” among family members, as the case currently sits before the Court of Appeals for the lifting of an injunction.
The board expressed a desire to mitigate the fallout from the public rift, citing the negative impact on the family name and the various stakeholders involved.
“Harm has been done to everybody. Reputational damage is there. Our family has been in a fishbowl with everybody looking in. Agreements have been signed with undeserved financial penalties especially for the investing public.”
The conflict originally peaked when the majority fired Piki in a 5-2 board vote, exercising by-laws that permit the removal of officers with or without cause. The majority cited a total loss of trust and confidence after discovering that Piki, through First Gen, had allegedly entered into ₱125-billion deals without majority authorization.
Furthermore, the majority flagged the discovery of “poison pills” within those deals—provisions that would penalize the group and First Gen shareholders by up to ₱24 billion and trigger cross-default loan provisions in the event of Piki’s removal.
Despite the withdrawal of the resolution, the majority group clarified that their cooperation is contingent on transparency.
They stated they are open to a ceasefire provided there is a “reasonable expectation of a fair compromise and access to information,” while remaining prepared to “ramp up its efforts to protect its legal and pecuniary interests” should negotiations fail.