Puerto Rico's Leading Bank Announces Successor for CEO Position
Banco Popular de Puerto Rico, one of the island's oldest banks with a rich heritage and a great responsibility, is set to welcome a new leader. Current CEO Ignacio Alvarez, who has spent nearly 15 years at the bank, is retiring on June 30, and Javier Ferrer will take over the role on the same day.
Ferrer, who is currently the president of Banco Popular, has been an integral part of the bank's leadership team. He joined Banco Popular in 2014 as the chief legal officer and general counsel, and since 2022, he has served as the operations chief. Prior to becoming the president of Banco Popular, Ferrer held the position of Chief Operating Officer (COO).
Richard Carrión, the board chair and former CEO of Popular, Inc., the parent company of Banco Popular de Puerto Rico, praised Ferrer for his leadership, stating that he believes Ferrer will lead Banco Popular to greater successes. Carrión also commended Ignacio Alvarez for his leadership during his tenure as CEO.
Alvarez, who spent about half of his time at Banco Popular as CEO, praised Ferrer in return, expressing his confidence in Ferrer's ability to lead the bank. Alvarez joined Banco Popular in 2007, where he served as president and chief operating officer before becoming CEO.
As of Dec. 31, Banco Popular held $64.84 billion in deposits and $73.05 billion in assets. The bank's transition in leadership comes at a time of significant change in the financial industry, and Ferrer's experience and leadership will undoubtedly guide Banco Popular through these challenges.
Ferrer's appointment as CEO was announced on Thursday, and as he prepares to take on this new role, he looks forward to continuing to serve the bank and its customers with the same dedication and commitment that has characterized his career at Banco Popular.
Javier Ferrer, with his extensive experience in the bank's leadership, will leverage his knowledge in finance and retail business to navigate the significant changes in the financial industry as the new CEO of Banco Popular de Puerto Rico. Richard Carrión, the board chair, has expressed confidence in Ferrer's ability to lead the bank to greater successes, building on the strong foundation laid by Ignacio Alvarez, who has spent nearly 15 years in the bank's business sector.
