Oscar Lopez, the family head of the First Philippine Holdings Corp, announced today he is to step down as chairman and CEO of the family holding company, to be replaced by his son.
Lopez (pictured), 79, who led the company for nearly 25 years, said: "I think that the time is right to step down from the CEO-ship of our company." He will however remain involved as the company's chairman emeritus and group chief strategic officer.
"I would like to remain active as chairman emeritus, so that I will be in a position to contribute to the corporation, especially with regards to the long term strategy of this company," he said.
Lopez followed his resignation with the recommendation that his son, Federico Lopez, should replace him. Federico currently serves as executive director at First Holdings and said the company plans to continue the progress made by his father whilst also preparing to expand internationally.
"We have a lot to do locally just revving up our investment in Energy Development Corporation by making sure it does perform and make sure that the whole generation portfolio operates as a very strong portfolio," said Federico.
Lopez is credited with growing the family business, which has interests in energy, manufacturing and property development, into the corporate giant it is today. First Holding is the holding company of the Lopez Group, the family business. Lopez's father, Eugenio Lopez, formed the holding company in the early 1960s, which had 2009 revenues of $1.2 billion.
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