The Lopez family's controlling majority has publicly justified its decision to remove Federico “Piki” Lopez as president of Lopez Inc., citing a breakdown of trust and governance failures. In a statement, the group—holding about 71% of the private holding firm—said the move was "not easy" but essential to protect shareholders, employees, and the group's long-term interests.
The signatories, including Eugenio “Gabby” Lopez III and Rafael L. Lopez, expressed personal hurt over the feud, noting that Piki chose to make the matter public. While Piki remains on the board, the majority said governance concerns—particularly over two major First Gen Corp. transactions—drove their decision. Those deals involved a P50-billion sale of a gas business stake and a P62-billion acquisition of hydropower assets, which the majority claims were not properly disclosed and contained "poison pill" provisions.
Market analysts highlighted the need for better succession planning and governance in family-led firms. Michael Ricafort of Rizal Commercial Banking Corp. urged alignment with global best practices, including a family business constitution to prevent disputes and protect minority shareholders. The feud has raised concerns about stability across the group's energy, media, and property businesses.