Popular, Inc. CEO Richard L. Carrion Appoints David H. Chafey, Jr., President, Chief Operating Officer
January 12 2009 - 8:30AM
PR Newswire (US)
SAN JUAN, Puerto Rico, Jan. 12 /PRNewswire-FirstCall/ -- Popular
Inc. (NASDAQ:BPOP) Chairman and CEO Richard Carrion announced today
the appointment of David H. Chafey, Jr., as President and Chief
Operating Officer of Popular, Inc. in charge of business operations
in both Banco Popular of Puerto Rico and Banco Popular North
America. Chafey's appointment embodies the corporate strategy
following the previously announced restructuring of the U.S.
operations and based on: -- Integrating both banking subsidiaries
under one organization -- Reducing costs -- Streamlining business
lines -- Strengthening branch-based banking in U.S. operations --
Further expand and grow our banking franchise "David has presided
over our flagship bank, Banco Popular of Puerto Rico, since 2004
and will now spearhead the operational execution of our corporate
strategy across the organization," said Popular Inc. Chairman and
CEO Richard Carrion. "The economies in the United States and in
Puerto Rico continue to face strong headwinds, but integrating both
banks will result in synergies in control and operations to help
counter challenges and prepare businesses for future growth." All
business divisions will report to David Chafey, including the
processing and technology unit EVERTEC, headed by Felix Villamil;
Risk Management Division, headed by Amilcar Jordan; and Our People
Division, headed by Eduardo Negron. David Chafey, Chief Financial
Officer Jorge Junquera and Chief Legal Officer Brunilda Santos will
continue to report to Richard Carrion. Also reporting to Carrion
will be the Strategic Planning Group and Corporate Communications.
Added David Chafey: "I am honored and fully ready to meet the
challenge of aligning business operations, particularly in the U.S.
mainland. We will communicate the execution of plans accordingly."
Forward-Looking Statement The information included in this press
release may contain certain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
These statements are based on management's current expectations and
involve certain risks and uncertainties that may cause actual
results to differ materially from those expressed in
forward-looking statements. Factors such as changes in the interest
rate environment, as well as general changes in the business market
and economic conditions may cause actual results to differ from
those contemplated by such forward-looking statements. For a
discussion of such risks and uncertainties, see the Corporation's
Annual Report on Form 10-K for the year ended December 31, 2007 as
well as its filings with the U.S. Securities and Exchange
Commission. The Corporation assumes no obligation to update any
forward-looking statements to reflect occurrences or unanticipated
events or circumstances after the date of such statements. Popular,
Inc. is a full service financial services provider based in Puerto
Rico with operations in Puerto Rico, the United States, the
Caribbean and Latin America. As the leading financial institution
in Puerto Rico, with over 300 branches and offices, the Corporation
offers retail and commercial banking services through its principal
banking subsidiary, Banco Popular de Puerto Rico, as well as auto
and equipment leasing and financing, mortgage loans, consumer
lending, investment banking, broker-dealer and insurance services
through specialized subsidiaries. In the United States, the
Corporation operates Banco Popular North America ("BPNA"),
including its wholly owned subsidiary E-LOAN, and Popular Financial
Holdings ("PFH"). BPNA is a community bank providing a broad range
of financial services and products to the communities it serves.
BPNA operates branches in New York, California, Illinois, New
Jersey, Florida and Texas. E-LOAN offers online consumer direct
lending and provides an online platform to raise deposits for BPNA.
PFH primarily continues to carry a maturing loan portfolio and
operates a mortgage loan servicing unit. The Corporation, through
its transaction processing company, EVERTEC, continues to use its
expertise in technology as a competitive advantage in its expansion
throughout the United States, the Caribbean and Latin America, as
well as internally servicing many of its subsidiaries' system
infrastructures and transactional processing businesses. The
Corporation is exporting its 115 years of experience throughout
these regions while continuing its commitment to meeting the needs
of retail and business clients through innovation, and to fostering
growth in the communities it serves. Contact: Investor Relations:
Jorge A. Junquera Chief Financial Officer Senior Executive Vice
President 787-754-1685 Media Relations: Teruca Rullan Senior Vice
President Corporate Communications 787-281-5170 or 917-679-3596
(mobile) DATASOURCE: Popular, Inc. CONTACT: Investors, Jorge A.
Junquera, Chief Financial Officer, Senior Executive Vice President,
+1-787-754-1685, or Media, Teruca Rullan, Senior Vice President,
Corporate Communications, +1-787-281-5170, or Cell, +1-917-679-3596
Web site: http://www.popularinc.com/
Copyright
Popular (NASDAQ:BPOP)
Historical Stock Chart
From Jun 2024 to Jul 2024
Popular (NASDAQ:BPOP)
Historical Stock Chart
From Jul 2023 to Jul 2024