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Piki Lopez Consolidates Control Over Lopez Holdings Board
Federico “Piki” Lopez has solidified his control over Lopez Holdings, the conglomerate's listed entity, following a board election. His brother now holds key executive positions, signaling a strengthened grip on the family's businesses, particularly in the energy sector. However, his influence over the media giant ABS-CBN remains limited.
Federico “Piki” Lopez has further consolidated his grip on Lopez Holdings, the listed entity of the family’s conglomerate, following a board election on Monday, September 14. The newly elected board saw Piki Lopez and his brother, Benjamin “Jay” Lopez, assume top executive roles. Jay Lopez was named president, chief operating officer (COO), and chief finance officer (CFO), replacing Salvador Tirona, a professional manager who had been with the Lopez Group for 26 years. Piki Lopez now serves as chairman and CEO, with his brother Jay as president, COO, and CFO, effectively placing the brothers at the helm of the company's day-to-day operations. This shift is significant given Lopez Holdings' substantial stake in the Philippine energy sector. The conglomerate holds a 60.67% interest in First Philippine Holdings, which in turn controls First Gen, the country's largest clean energy business. The upcoming board election for First Philippine Holdings on September 25 is expected to be heavily influenced by this new leadership at Lopez Holdings. However, Piki Lopez’s enhanced control over Lopez Holdings does not translate to direct control over the media giant ABS-CBN. While Lopez Holdings has an economic interest in ABS-CBN through Philippine depositary receipts (PDRs), these PDRs do not carry voting rights over the underlying shares. Voting rights remain with Lopez Inc., where Piki Lopez is also a director. The board composition also reflects a shift in family representation. The branch of the late Oscar Lopez, to which Piki and Jay belong, increased its board seats from one to three. Conversely, the branch of the late Eugenio “Geny” Lopez Jr. lost its seat. Among the independent directors, Nestor H. Vasay, who previously served as CFO and treasurer of Energy Development Corporation, a key First Gen subsidiary, has been appointed chairman of the audit committee. His extensive experience within the companies led by Piki Lopez is expected to bolster governance, though his close ties may also be a point of observation. Information Source: Rappler Business
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Rappler Business