Contrary to earlier reports, Federico “Piki” Lopez was indeed ousted as president and chief executive of Lopez Inc. “for cause and for loss of trust and confidence,” according to a statement issued by three factions representing a majority of the Lopez family.
In a statement released through their legal counsel, Ronald Ventura, the factions — which collectively hold a 71-percent stake in the family’s holding company — said the board voted 5–2 on 27 February to remove Lopez from his post.
“Representing a 71 percent majority stake, three Lopez family factions announced that the board voted 5-2 on Feb. 27 to oust the executive,” the statement read.
“The majority said the company’s by-laws allow for the removal of any corporate officer even without cause by a majority vote. Federico Lopez and his brother, Benjamin Lopez, cast the dissenting votes.”
The majority faction said the dispute stemmed from a boardroom conflict led by former ABS-CBN chairman Eugenio “Gabby” Lopez III and allied family members, particularly over financial support for ABS-CBN Corp.
“Federico Lopez filed a complaint with the Mandaluyong Regional Trial Court seeking reinstatement, alleging his removal was retaliation for refusing to authorize a P2 billion capital infusion into ABS-CBN Corp,” the statement read.
The same statement cited court filings alleging that a special audit identified 68 individuals who received nearly P1 billion in retirement payments, as well as the existence of a P2.56-billion bonus pool.
Despite the board’s decision, Lopez has challenged his removal in court. He previously filed a complaint before the Mandaluyong Regional Trial Court, calling his ouster during the 27 February board meeting “illegal” and seeking reinstatement.
On 11 March, the court issued a three-day temporary restraining order (TRO) halting efforts to remove him, which was later extended until 1 April. Reports last week also said Lopez secured a writ of preliminary injunction preventing his removal while the case is pending.
Meanwhile, ABS-CBN denied claims of a family feud, with its board of directors saying recent reports misrepresented court records and falsely implicated the company in a dispute it said it is not part of.
The media company also rejected allegations of unresolved audit findings and denied claims that the proposed P2-billion capital infusion would fund executive payouts.
“There were no audit findings. There is nothing to resolve. This claim is unfounded,” the company said. “No such payouts have been made. No such payouts are planned. This claim is equally baseless.”
In their statement, the three Lopez family factions also raised concerns over what they described as questionable transactions under Lopez’s leadership at First Gen Corp., a listed company he chairs.
They alleged that “billions of pesos” worth of transactions — including the recent P125-billion sale of natural gas and hydro assets — were carried out without prior board approval. According to the factions, several board members only learned of these deals through media reports, with one transaction allegedly presented for discussion for only one hour under “other matters” after it had effectively been finalized.
Reports also noted that Gabby Lopez, Piki Lopez’s elder cousin, had pushed to allocate P2 billion of the proceeds to ABS-CBN, which has struggled since losing its franchise in 2020. The proposal was allegedly rejected by Piki Lopez, who cited concerns over the company’s profitability.
“The majority said they would continue to push for an audit of First Gen to protect shareholders, despite facing non-disclosure agreements from Federico Lopez’s camp,” the statement added.
“Other transactions in the past few years involving huge amounts are also being looked into, they said. They also asked Piki Lopez to open the books for an audit without conditions especially since the companies are public.”