Lopez, Inc. majority voted to remove CEO, court order blocks move

A MAJORITY of shareholders in Lopez, Inc. said they had voted to remove Federico “Piki” R. Lopez as president and chief executive officer (CEO), but a court order has temporarily blocked the move.

In a statement on Tuesday, the group, representing a 71% stake in the family holding company, said the board voted 5-2 on Feb. 27 to remove Mr. Lopez, with him and his brother, Benjamin, dissenting.

It said the company’s by-laws allow the removal of any corporate officer by a majority vote, even without cause.

The statement said the court order temporarily allowed Mr. Lopez to remain in his post.

Lawyers representing the majority said they had filed a motion to dissolve the court order, citing the company’s by-laws, according to the statement.

Lopez, Inc. is the Lopez Group’s private holding company and parent of businesses including Lopez Holdings Corp. and First Gen Corp.

BusinessWorld has yet to receive a response from the camp of Mr. Lopez after seeking comment through First Gen. — Ashley Erika O. Jose