The Lopez family majority on Saturday clarified that the removal of Federico "Piki" Lopez as president of Lopez Inc. was driven by a breakdown in trust, shifting the narrative from a public feud over deal terms to a deeper issue of fiduciary duty.
In a statement, the group led by Eugenio "Gabby" Lopez III said they had "lost trust and confidence" in Piki, citing a lack of transparency in major transactions. The conflict initially erupted over questioned disclosures tied to First Gen's gas and hydropower deals, with the majority claiming key provisions were revealed late.
"Each of us is confirming that we authorized our family's representative on the board to vote to remove Piki as president. This wasn't an easy decision for us. And no, this wasn't led by a single person or faction of the family. From the start, keeping our families intact and unscathed was of primary importance," the statement read.
The group emphasized that Piki's removal was a collective decision, not driven by any individual or faction. They maintained it was necessary to protect shareholders and the company, though Piki remains a board member.
Seeking to de-escalate tensions, the majority said they would avoid further public exchanges and instead "speak through actions," focusing on verifiable facts.
The ouster follows a 5-2 vote by the Lopez Inc. board to remove Piki for loss of trust and confidence. However, Piki has secured a court order temporarily blocking his removal, preventing the board from enforcing the decision across other Lopez-affiliated companies.