Popular in San Juan, Puerto Rico, is finalizing its succession plan.
The $73 billion-asset company said in a press release that Ignacio Alvarez will retire as CEO on June 30. Alvarez, who has led the company since 2017, will be succeeded by Javier Ferrer, who is president and chief operating officer.
“From his earliest days as CEO, [Alvarez] demonstrated his deep commitment to Popular’s core values, as he steered our response in support of the many clients, colleagues and communities impacted by Hurricane Maria and the global pandemic,” Richard Carrión, Popular’s chairman and former CEO, said in the release.
Alvarez “also spearheaded critical initiatives, such as the expansion of our auto business through an important acquisition, the transaction to acquire key customer-facing channels from Evertec and the launch of a company-wide transformation to modernize our delivery channels and deliver an enhanced customer experience,” Carrión added.