Popular Announces Appointment of Richard Carrión as Executive Chairman and Ignacio Alvarez as Chief Executive Officer
April 25 2017 - 8:00AM
Business Wire
Popular, Inc. (the “Corporation” or “Popular")
(NASDAQ: BPOP) announced today that its Board of
Directors has appointed Richard Carrión, currently Popular’s
Chairman and Chief Executive Officer (CEO), as Executive Chairman
of the Board of Directors of the Corporation. In this new role,
Carrión will collaborate with the new CEO on corporate strategy,
with particular emphasis on mergers and acquisitions, innovation
and technology, social responsibility initiatives and government
and client relations, and will continue to chair the Board of
Directors. The Board intends that, over a period of three years,
Carrión will transition to the role of Non-Executive Chairman.
Ignacio Alvarez, who has been President and Chief Operating
Officer (COO) since 2014, was named President and CEO and a member
of the Board of Directors of the Corporation. These appointments
will become effective on July 1, 2017.
“I am delighted to have the opportunity to be a part of
Popular’s future as Executive Chairman,” said Carrión. “These
changes are part of a natural transition. After 26 years as CEO, I
am ready, Ignacio is ready, and the organization is ready, for a
new leadership structure. As President and COO, Ignacio has proven
his strength as a leader, delivering positive results in our Puerto
Rico business despite challenging conditions and overseeing the
repositioning of our operations in the United States, all while
demonstrating a deep understanding of our organization’s culture
and earning the respect of employees at all levels. I am confident
that Popular will continue to thrive under his direction, and I
look forward to continue working closely with him in this new
chapter.”
Carrión joined Popular in 1976, became President in 1985, CEO in
1991 and Chairman of the Board in 1993. Under his leadership,
Popular consolidated its position as the leading financial
institution in Puerto Rico, completing important acquisitions such
as Banco de Ponce in 1990, Roig Commercial Bank in 1997,
Westernbank in 2010 and Doral Bank in 2015. Carrión also
spearheaded the transformation of Puerto Rico’s payment system
through the deployment of automatic teller machines and
point-of-sale terminals during the 1980’s and 1990’s. He led the
diversification of the Corporation’s revenues, driving significant
growth in Popular’s U.S. operation.
As President and COO, Alvarez has overseen the operations of
Banco Popular de Puerto Rico and Popular Community Bank for the
past three years. Prior to joining Popular in 2010 as Chief Legal
Officer, Alvarez was a founding partner of a leading San Juan,
Puerto Rico based law firm, where he specialized in corporate and
banking law.
“I am honored by the confidence that the Board of Directors has
placed in me to serve as Popular’s CEO,” said Alvarez. “It has been
a privilege to work alongside Richard for the past seven years and
I share his vision and his commitment to upholding the core values
that make this organization unique. I undertake this new role with
a deep sense of responsibility, grateful to be able to count on
Richard’s continuing guidance and on the support of an outstanding
management team. I am excited about the opportunity to work with
our close to 8,000 employees to continue serving our clients and
position our organization for the future. I am energized by the
opportunities that lie ahead.”
“The Board of Directors congratulates Richard and Ignacio on
their new roles,” said the Lead Director, William J. Teuber, Jr.
“Thanks to Richard’s leadership during the last three decades,
Popular is a strong and vibrant organization, well-positioned for
the future. We are grateful for his unwavering commitment to
Popular and look forward to his continuing contributions as
Executive Chairman of the Board. We have seen how Ignacio has
successfully assumed leadership positions in recent years, and he
has demonstrated that he has the experience, skills and vision to
lead Popular as the new CEO. The Board is confident that this new
leadership structure will drive many successes in the years to
come.”
About Popular, Inc.
Founded in 1893, Popular, Inc. is the leading banking
institution by both assets and deposits in Puerto Rico and ranks
among the top 50 U.S. banks by assets. Popular provides retail,
mortgage and commercial banking services through its principal
banking subsidiary, Banco Popular de Puerto Rico, as well as auto
and equipment leasing and financing, investment banking,
broker-dealer and insurance services through specialized
subsidiaries. In the United States, Popular has established a
community-banking franchise providing a broad range of financial
services and products with branches in New York, New Jersey and
Florida under the name of Popular Community Bank.
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Popular, Inc.Investor Relations:Brett Scheiner,
212-417-6721Investor Relations OfficerorMedia Relations:Teruca
Rullán, 787-281-5170 or 917-679-3596 (mobile)
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