Banco Popular CEO Javier Ferrer Announces Retirement
Javier Ferrer, the current CEO of Banco Popular (POPULAR.CL), will retire on August 31 after serving in the role since June 2025. His departure marks a third leadership change at Puerto Rico's largest bank within just over a year. Jorge García, who has been CFO since 2024, is set to take over as CEO. In addition, Lidio Soriano will move into the CFO position from his previous role as chief risk officer, and Luis Sousa will become the new CRO. Ferrer joined Banco Popular in 2014 as general counsel before rising through several leadership roles within the bank. His retirement is part of a planned succession strategy by the board to ensure continuity during an ongoing transformation program aimed at improving client services and generating sustainable growth for shareholders. The announcement came alongside strong second-quarter earnings, with profits up 32.4% year-over-year. The transition also includes financial incentives for Ferrer as he moves into a consulting role post-retirement, including monthly payments of $100,000 for one year and potential performance-based compensation.
Topics: banking leadership_changes