Javier Ferrer is set to become Banco Popular’s chief executive just over one year after his elevation to president, Puerto Rico’s biggest bank announced Thursday.
Ferrer will take the reins June 30, the day current CEO Ignacio Alvarez will retire.
Alvarez has worked at the bank for nearly 15 years, spending about half of that time as chief executive, according to his LinkedIn. He spent about three years as president and chief operating officer before that – which is exactly what Ferrer is set to be elevated from. Ferrer has been Popular’s operations chief since 2022.
Richard Carrión, Popular’s board chair and former CEO, lauded Alvarez for his successes at the helm, including guiding the bank after Hurricane Maria – the deadliest hurricane in Puerto Rico’s history in 2017 – and a number of strategic acquisitions.
“He joined Popular in 2010, when I was CEO, at a very challenging time for our organization and the financial industry. His counsel and support were invaluable and his highly strategic and collaborative approach quickly set him apart as a great leader,” Carrión said in a news release.
Alvarez, for his part, lauded Ferrer as “a talented leader who cultivates a collaborative, high-performance culture.”
“I firmly believe Popular’s best days are ahead, and I am positive that Javier will lead us to even greater successes,” Alvarez said.
Ferrer first joined the bank in 2014 as chief legal officer and general counsel.
“Popular’s heritage and its ability to positively impact so many individuals, businesses and communities is an important asset, accompanied by a great responsibility,” he said.
Founded in 1893 by Carrión’s grandfather Rafael Carrión, Popular is one of Puerto Rico’s oldest banks. As of Dec. 31, the bank held $73.05 billion in assets and $64.84 billion in deposits.
