Popular, the largest bank based in Puerto Rico, has given Chief Operating Officer Javier Ferrer an additional title, a move that may offer some insight into the company's CEO succession plan.
Ferrer is now also the president of the $71 billion-asset Popular and its banking subsidiaries, Banco Popular de Puerto Rico and Popular Bank, the company announced Friday in a press release. The 62-year-old attorney assumes the title from Ignacio Alvarez, Popular's CEO who has been president since 2014. Ferrer will continue to report to Alvarez, the company said in the release.
Popular's board of directors approved the appointment on May 9, the day of its annual meeting.
Ferrer will continue to serve as COO, a role he has held since 2022. He will maintain oversight of all business units in Puerto Rico, the United States and the Virgin Islands, the company said in the release. He will also continue to lead Popular's strategic planning and data analytics functions.
He is not gaining additional oversight duties as president, a company spokesperson said Friday.
Alvarez, meanwhile, will "continue working fully, leading Popular as CEO and in close collaboration with [Ferrer] and … the management team," the spokesperson said.
In the press release, Alvarez, 65, praised Ferrer's achievements, saying that he "has excelled in each position he has held, embracing growing responsibilities, contributing to the definition and implementation of [Popular's] strategic initiatives and demonstrating exemplary leadership."
Ferrer's additional title, and what it might suggest in terms of who will next lead Popular, comes a week after U.S. Bancorp in Minneapolis
Similar to Alvarez, Cecere has made no announcements about any impending retirement plans. But
At Popular, Ferrer's progression up the ladder is somewhat similar to Alvarez's. The two were among six founding partners of the Puerto Rico-based law firm Pietrantoni Méndez & Alvarez.
Both arrived at Popular to fill the chief legal officer role, with Alvarez coming on board in 2010 and Ferrer being hired to the job in 2014. That same year, Alvarez became Popular's president and COO. He handed over the COO role in 2017 when he was named CEO of the company.
Ferrer was chief legal officer and general counsel until 2022, when he was named COO.
Popular has experienced several challenges in recent memory, including
Of its $71 billion of assets, $57 billion are related to its Puerto Rico operations and the remaining $14 billion are tied to its U.S. operations. It has about 200 branches enterprisewide, with the majority located in Puerto Rico and about 40 in New York, New Jersey and South Florida.
The rest of the branches are in the Virgin Islands.
