Lopez Inc. family feud explodes into leadership battle
A leadership battle has erupted within the Lopez family after a court blocked efforts to remove Federico “Piki” Lopez as president of Lopez Inc., the group’s holding firm.
In a writ of preliminary injunction dated March 26, a Mandaluyong City court barred the enforcement of the board resolutions passed on Feb. 27 that ousted Piki and named Rafael Lopez as his replacement.
The dispute stems from a move made by a faction of the Lopez family, led by Eugenio “Gabby” Lopez III and other directors, to replace Piki at the helm of Lopez Inc.
Records show that it was carried out during a special board meeting, where five directors voted to remove Piki while two opposed the decision. Rafael was appointed president in the same meeting.
Piki challenged the board resolutions in court, seeking to nullify them and regain his position.
In his complaint, Piki argued that his removal was invalid, saying the special board meeting did not include his ouster on its agenda—an alleged violation of corporate rules requiring specific disclosure of matters to be taken up.
Lopez patriarchs
The dispute is rooted in a broader family lineage that can be traced back to the Lopez clan’s patriarchs.
Piki is the eldest son of Oscar M. Lopez, while Gabby is the son of Eugenio “Geny” Lopez Jr., the elder brother of Oscar. Both patriarchs have died, leaving the next generation to look after the family’s business interests mainly in media, real estate, manufacturing, construction and energy.
Rafael, who was named as Piki’s replacement in the Feb. 27 board action, is the younger brother of Gabby and currently serves as chair of Lopez Inc.
Geny, also known as “Kapitan,” is widely credited for transforming ABS-CBN into a broadcasting powerhouse after the family regained control of the network following the 1986 Edsa People Power Revolution. Gabby later led the media company as chief executive officer during a critical period in its history.
Piki has been associated with the group’s energy and infrastructure businesses, particularly through First Philippine Holdings and First Gen Corp., reflecting the family’s diversification beyond media.
Family divisions
The case also pointed to deeper divisions within the family, including disagreements over the proposed use of Lopez Inc.’s funds to support a P2-billion capital infusion into ABS-CBN.
Piki and his allies opposed the move, citing unresolved audit findings and financial concerns, which they said should first be addressed.
As president, Piki holds authority to vote shares across these companies, effectively shaping the group’s strategic and financial decisions.
The court injunction prevents the board from implementing the leadership change, bars Rafael Lopez from assuming the presidency, and prohibits any act that would effectively replace Piki in companies where Lopez Inc. exercises voting rights.
It also restrains actions that could render the case moot, including moves that would cement the leadership transition.
The court earlier issued a temporary restraining order, later extended, before granting the injunction after Piki posted a P10-million bond.
Lopez Inc. sits atop the group’s corporate structure, with stakes in Lopez Holdings Corp., First Philippine Holdings Corp., First Gen Corp., and Energy Development Corp., making control of the holding firm critical to the conglomerate’s direction.
The rift echoes earlier divisions within the family, including the gradual sale of their controlling stake in Manila Electric Co. (Meralco) in the late 2000s, which led to a shift in control to the group led by Manuel V. Pangilinan.
That divestment—seen as a response to financial pressures—also exposed differing views within the family on managing key assets, tensions that appear to have resurfaced in the current dispute.
On hold
With the injunction in place, the attempted leadership change remains on hold pending resolution of the case.
In a statement, ABS-CBN, which was referenced in court records cited in the dispute, said it is not “a party to this case.”
The media company added that it has been navigating significant challenges since losing its franchise in 2020 and cautioned against being misrepresented in a dispute it is not part of.
