Puerto Rico’s largest bank is about to get its third chief executive in a little over a year.
Banco Popular CEO Javier Ferrer will retire Aug. 31, the bank said in a press release Thursday.
Ferrer became CEO in June 2025. His departure, however, is triggering a trio of executive moves at the lender.
Jorge García, who had served as the bank’s CFO since 2024, will succeed Ferrer as CEO. Lidio Soriano, previously Popular’s chief risk officer, will move into the CFO seat. And Luis Sousa, head of the bank’s credit risk management division, will become chief risk officer.
“These appointments reflect a thoughtful succession plan developed by the Board and demonstrate the depth, experience and strength of our leaders,” Richard Carrión, Popular’s board chair, said in a statement Thursday.
Ferrer joined the now-$78.9 billion-asset Popular as chief legal officer in 2014 and climbed rapidly over the last few years – becoming chief operating officer in 2022 and president in 2024 before ascending to CEO last year.
“As I begin this next chapter, I look forward to focusing on my health and spending meaningful time with my family and good friends,” Ferrer wrote in a message posted to LinkedIn. “It has been an extraordinary journey, full of challenges overcome, shared learnings, and above all, relationships with special people that I will treasure for the rest of my life. … I retire with the satisfaction of a job well done and a heart full of gratitude.”
The executive shuffle came as Popular disclosed its second-quarter earnings. The bank saw a 32.4% jump in profit from a year earlier – incidentally, the day Ferrer became CEO.
The bank on Thursday also increased its quarterly dividend to 90 cents per share from 75 cents, and announced a common stock repurchase authorization of up to $1 billion.
In a statement, Carrión said Ferrer “helped shape our strategic direction and played a pivotal role in executing our Transformation program to provide clients with more personalized and accessible services, increase employee performance and satisfaction and generate sustainable profitable growth and value for our shareholders.”
García – a 21-year veteran of the bank and its affiliates, according to LinkedIn – said he is “honored by the opportunity to serve as CEO.”
“I am fortunate to take on this role at a time of great momentum and enthusiasm,” he said on a conference call to discuss earnings. “I do not take this responsibility lightly, and I hope to inspire my colleagues to continue building on that momentum for years to come.”
Carrión lauded García for his “financial acumen and genuine concern for Popular and its people.”
“He has a deep understanding of our business and our industry, and the Board is confident in his ability to seamlessly step into this role and continue shaping our strategy moving forward,” Carrión said.
Ferrer, too, said García’s “leadership will guide Popular forward with strength, purpose and care.”
Ferrer will transition into a consulting role for Popular and receive $100,000 per month up to a year after his retirement, the bank said Thursday in a filing with the Securities and Exchange Commission.
He will also be eligible for a short-term incentive of up to $1,620,000 for 2026, as well as a prorated $2.6 million equity award made up of restricted stock that will vest Aug. 31, 2027, the bank said.
