A MAJORITY of shareholders in Lopez, Inc. said they’d voted to remove Federico “Piki” R. Lopez as president and chief executive officer (CEO), but a court order has temporarily blocked the move.
In an announcement on Tuesday, the group, representing a 71% stake within 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 corporate’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 stay in his post.
Lawyers representing the bulk said they’d filed a motion to dissolve the court order, citing the corporate’s by-laws, in response to the statement.
Lopez, Inc. is the Lopez Group’s private holding company and parent of companies including Lopez Holdings Corp. and First Gen Corp.
BusinessWorld has yet to receive a response from the camp of Mr. Lopez after in search of comment through First Gen. — Ashley Erika O. Jose