How family feud sparks leadership row at Lopez Inc., one of the Philippines’ largest conglomerates

The conflict traces back to a move by a majority bloc of board directors, led by Federico’s cousin Eugenio Lopez III, to replace him as head of Lopez Inc., the holding company of a business empire spanning power, property, manufacturing and media, as reported by the Inquirer.

Eugenio and Federico are also known in local media as “Gabby” and “Piki,” respectively.

The decision was made at a special board meeting in late February, where a 5–2 vote removed Federico from his post, with him and his brother Benjamin Lopez opposing the move. Eugenio’s younger brother Rafael Lopez was named as president instead.

Federico then took the matter to court, seeking to void the board resolutions and reclaim his position. In his filing, he argued that the process was invalid because his removal was not listed on the meeting’s agenda, which he says breached corporate rules.

A regional trial court on March 26 issued a preliminary injunction blocking the implementation of the February resolutions, effectively allowing Federico to remain as Lopez Inc. president while the case proceeds.

‘Loss of trust and confidence’

The Lopez family ranks among the wealthiest in the Philippines, placing 42nd on Forbes’ rich list for the country last August.

At the center of their business network is Lopez Inc., a private holding firm that serves as the majority owner of Lopez Holdings Corporation, which in turn holds large stakes in First Philippine Holdings and broadcaster ABS-CBN. Through First Philippine Holdings, the group controls energy firms First Gen and Energy Development Corporation, as well as property developer Rockwell Land.

Lopez Inc. is tightly controlled, with ownership concentrated in four corporate entities, each representing a separate branch of the family, according to a report by Esquire Philippineswhich cited the firm’s filings with the Securities and Exchange Commission.

Under the second-generation leadership, the company once functioned much like a formalized family council, where each branch had a seat at the table and decisions were broadly aligned.

But that dynamic has shifted with the third generation, where the presidency of the firm has become a fight among cousins rather than siblings.

The faction led by Federico holds a 29.17% stake in the firm, while the remaining three branches together command 70.83% and control five of the seven board seats that voted for his ouster.

Federico, in his court filing, claimed the push to remove him was triggered by his opposition to a proposal to use Lopez Inc.’s reserves to inject PHP2 billion (US$33.1 million) into loss-making ABS-CBN, according to Bloomberg.

The majority bloc, however, cited “loss of trust and confidence” as grounds for his removal and rejected claims that the move was retaliatory. They also pointed to company by-laws that allow a president to be ousted by majority vote, even without cause.

Separate reports in local media have attributed the rift to concerns over a lack of prior disclosure of material information to other family members. The board was said to have been insufficiently briefed on billion-peso transactions involving companies under the group.

One notable deal was the sale of a 60% stake in First Gen’s gas business to billionaire Enrique Razon Jr.’s Prime Infrastructure for at least PHP50 billion.

Financially, the group shows no clear signs of strain. Both Lopez Holdings Corporation and First Philippine Holdings were profitable in the first nine months of 2025, according to Rappler.

Even so, the family feud leaves Lopez Inc. with a president whom most of its owners say they no longer trust, but who remains in place due to a court order.

“This is shaping up to be an intense boardroom battle that could affect the strategic direction of the Lopez empire, especially with respect to ABS-CBN,” Juan Paolo Colet, China Bank Capital Corporation’s managing director, told PhilStar.