The First Philippine Holdings Corporation board of directors has accepted the resignation of Oscar M. Lopez and appointed his son Federico R. Lopez as the new chairman and chief executive officer of the company.

Based on a disclosure to the Philippine Stock Exchange, the 80-year old has been bestowed the title of chairman emeritus “in recognition of his exemplary and unselfish service to the corporation as its chairman for over 20 years.”

The FPHC board also created the group chief strategic office and installed Lopez as the group chief strategic officer. Lopez also continues to sit as chair of the executive committee while also heading the nomination and election committee.

“To be sure, I do not want to step completely out of the picture. I would like to remain active as your Chairman Emeritus so that I will still be in a position to contribute to the Corporation, especially with regards to the long term strategy of this Company,” the elder Lopez said in his speech to shareholders.

The younger Lopez was also appointed chair of the finance and investment committee and will be officially taking over as board chairman and company CEO on Independence Day, June 12, 2010.

The family patriarch said “Federico, or Piki, has been with the company for the past 22 years and was appointed as Managing Director for Energy in 2008 when Peter Garrucho opted to retire.”

“My career as a corporate executive has spanned 50 years since I returned from schooling in the United States in 1960,” said Lopez.

The first six years, he was with the Manila Chronicle as its publisher. Then, in 1966, he joined Meralco Securities Corporation, as First Holdings was originally called, to head the newly formed Department of Economic Research and Development.

With the declaration of Martial Law, First Holdings was forced to sell, Meralco. Almost 14 years later, after the EDSA Revolution, Lopez re-entered the offices of Meralco Securities Corporation, now called  First Philippine Holdings Corporation, to rebuild the Corporation which had liabilities of P1.2 billion and only P26.0 million of liquid assets.

In the 1990s FPHC rebuilt power generation as a core business, entered into the property development business and large-scale infrastructure.

As of December 31, 2009 FPHC reported total assets at P148.8 Billion and total liabilities at approximately P90.0 billion. Its cash reserves are at P25.8 billion.

Lopez said it is now the vision of FPHC to provide cheap and reliable power needed by the country, “but to do so in a way that will not further damage our environment.”

“It is reflected in the deliberate choice we have taken to restrict ourselves only to the cleanest fuels and it is reflected in the decision we have made to actively explore renewable energy sources.

Geothermal power, hydro, solar power, wind power – these are the spaces that we intend to exploit,” he said.