Photo credit: First Gen

A deepening rift within the Lopez family has spilled into the open, with several members of the Lopez family publicly declaring they have lost trust in Piki Lopez and are backing his removal as company president.

In a strongly worded statement, the group said what should have remained a private family matter became public after Piki himself brought it out into the open. Over time, they said, confidence in his leadership eroded—largely due to concerns over transparency and major business decisions made without their knowledge.

At the center of the dispute are multi-billion peso deals involving First Gen Corporation and Prime Infrastructure Capital Inc.. The family members claimed they were neither informed nor consulted on the sale of a 60 percent stake in First Gen’s natural gas business, as well as a separate hydropower deal worth billions.

For them, being left out of decisions with massive financial and strategic impact was more than just an oversight—it was a breakdown in corporate governance and fiduciary responsibility.

The statement also raised alarm over so-called “poison pill” provisions embedded in the deals. According to the group, these clauses would make it extremely costly to remove Piki from his leadership roles, effectively securing his control over the company even in cases of poor performance.

They argued that this move prioritized personal position over the interests of shareholders—something they say goes against the very core of fiduciary duty.

Because of these issues, the family members said they collectively decided Piki should step down as president of Lopez Inc., though he will remain on the board. They emphasized that the decision was not driven by personal motives, but by a desire to protect the company, its employees, and its stakeholders.

Despite the internal conflict, the group stressed that unity within the family remains important. They admitted the decision was difficult and not initiated by any single faction, but rather reached through shared concern over the company’s direction.

Moving forward, they signaled a shift away from public exchanges, saying they intend to let their actions speak instead of engaging in back-and-forth statements.

The message is clear: for this faction of the Lopez family, restoring trust and upholding governance standards now take priority over keeping internal disagreements behind closed doors.