Popular CEO Richard Carrión hands over to Ignacio Alvarez

  • After 26 years on the job
  • Laud, praise and thanks for Carrión
  • Carrión will remain as Executive Chairman at Popular
  • Carrión spoke at length and said 125 words

(exechange) — San Juan, Puerto Rico, April 25, 2017 — Richard Carrión, chief executive of Popular, hands over the reins. As announced by Popular, Inc. in a news release and in a regulatory filing published on Tuesday, April 25, 2017, Richard L. Carrión leaves the post as Chief Executive Officer at the largest bank based in Puerto Rico after 26 years on the job, effective July 01, 2017.

Carrión’s duties are taken over by Ignacio Alvarez, currently Chief Operating Officer at Popular, Inc.

“Natural transition”

The management change is explained as follows. Carrión said: “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.”

Carrión will remain as Executive Chairman at Popular

Popular announced 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,” Popular said.

Popular said: “At a meeting held on April 24, 2017, the Board of Directors of Popular, Inc. … appointed Richard L. Carrión, as Executive Chairman of the Board, and Ignacio Alvarez as President and Chief Executive Officer of the Company and its two banking subsidiaries, Banco Popular de Puerto Rico (“BPPR”), and Popular Community Bank (“PCB”), and elected Mr. Alvarez to the Board, effective July 1, 2017.”

Share price rise since January 2016

The change follows a rise in the share price of Popular, Inc. since January 2016.

On the job as CEO since 1991

Carrión joined Popular in 1976, became President in 1985, CEO in 1991 and Chairman of the Board in 1993.

Read the full story in the exechange report 18.2017 ($).