BIZ BUZZ: Fragile Lopez peace holds
As the Lopez family feud spilled into public gossip earlier this year, First Gen Corp., led by Federico “Piki” Lopez, took a guarded stance as it limited media access to its annual stockholders’ meeting on Thursday to a virtual feed.
But this may have worked, as Piki and other key officials appeared calmer, belying the bickering and aggressive exchanges seen in previous months
After the usual reports—flaunting milestones and hefty capital for growth—came the eagerly anticipated question-and-answer portion.
Although the setup was initially expected to limit uncomfortable inquiries or media grilling over the controversial family issues, First Gen started it strong: “Can you give us an update regarding the rift within the Lopez Group?”
And Piki was ready to take it head-on (although it was likely screened and cleared beforehand).
He began telling the good news about the Lopez Inc.’s board of directors withdrawing a resolution meant to depose him as president.
“And as I said in an earlier statement, I view the gesture of withdrawing the board resolution as a possible first step for all parties to finally resolve the issues that have unfortunately been dividing our clan,” he said.
“Now, it’s my hope that this initial step will lead to an amicable, fair and lasting resolution of the rift within the family and the Lopez Group,” Piki added.
The executive said he was “fully prepared for any outcome…,” reiterating that he would “continue to fulfill my fiduciary duties to all shareholders in the companies of the Lopez Group.”
For now, it looks like family tensions are cooling down or maybe just for the public’s eyes.
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