Popular Inc. announces CEO transition; Javier Ferrer to take helm

SAN JUAN - Popular, Inc. (NASDAQ: BPOP), a leading financial institution in Puerto Rico currently valued at $7 billion in market capitalization, has announced a forthcoming change in its executive leadership. Chief Executive Officer Ignacio Alvarez is set to retire on June 30, 2025, concluding an eight-year tenure at the helm of the company. President and Chief Operating Officer Javier D. Ferrer has been named as his successor.

Alvarez joined Popular in 2010 and became CEO in 2017. During his leadership, he played a pivotal role in guiding the company through significant challenges, including the aftermath of Hurricane Maria and the global pandemic. Under his direction, Popular expanded its auto business with a key acquisition, acquired customer-facing channels from Evertec (NYSE:EVTC), and initiated a comprehensive transformation program aimed at modernizing its delivery channels to enhance customer experience. According to InvestingPro data, the company has demonstrated strong financial performance with revenue growth of 4.3% and maintains healthy profitability metrics.

Richard L. Carrión, Chairman of Popular’s Board of Directors, expressed gratitude to Alvarez for his contributions and strategic leadership, which he described as invaluable during a challenging period for the financial industry.

Ferrer, who will take over as CEO, has been with Popular since 2014, serving in various leadership roles, including Chief Legal Officer and General Counsel. As President and COO, he has overseen business lines and been instrumental in executing the company’s strategic initiatives. His appointment reflects the board’s confidence in his vision and experience to lead Popular into the future.

In statements from both outgoing and incoming CEOs, a shared sentiment of honor and optimism was evident. Alvarez expressed pride in the achievements of his team and confidence in Ferrer’s ability to lead Popular to greater successes. Ferrer, in turn, acknowledged the responsibility of his new role and his commitment to uphold Popular’s heritage by delivering exceptional customer service and driving innovation.

Popular, Inc., founded in 1893, stands as the premier financial institution on the island by both assets and deposits and is among the top 50 U.S. bank holding companies by assets. It operates through its principal subsidiary, Banco Popular de Puerto Rico, and offers a range of financial services including retail, mortgage, and commercial banking, as well as leasing, financing, and insurance services. The company has maintained dividend payments for 11 consecutive years and currently offers a 2.8% dividend yield. InvestingPro analysis suggests the stock is currently undervalued, with five analysts recently revising their earnings expectations upward. For detailed insights and more exclusive tips, investors can access the comprehensive Pro Research Report, available on InvestingPro.

This leadership transition is based on a press release statement from Popular, Inc., and reflects the company’s strategic planning for continued growth and customer service excellence. With a P/E ratio of 11.6 and strong return metrics over the past decade, the company appears well-positioned for future growth. Investors seeking deeper analysis can find additional valuable insights and metrics through InvestingPro’s comprehensive financial tools and research reports.

In other recent news, Popular Inc (NASDAQ:BPOP). reported its fourth-quarter 2024 earnings, surpassing analyst expectations with an earnings per share (EPS) of $2.51, compared to the forecasted $2.06. The company’s revenue slightly exceeded projections, reaching $755.46 million against a forecast of $754.72 million. Additionally, Popular Inc. announced a new product targeting mass affluent clients. The company experienced a significant 5.8% growth in its loan portfolio, with notable increases in commercial and construction loans. Popular’s net interest margin expanded to 3.35%, reflecting improved profitability. Despite these positive developments, the stock saw a minor dip in pre-market trading. Looking forward, Popular projects consolidated loan growth of 3-5% in 2025 and expects a 7-9% increase in net interest income. The company also plans to continue reinvesting securities at an approximate 4% yield.

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