In a special episode of the podcast Punto Aparte, the chief executive officer of Popular, Inc. described how he has led the franchise, including through moments such as Hurricane María.
When Ignacio Álvarez, chief executive officer of Popular Inc., recalled the moment he learned he would be recommended to the Board of Directors of Banco Popular, he admitted he was "a little scared."
"People don't know my story. I'm not a banker. I'm a lawyer by profession," said Álvarez, who has spent 14 years at the financial institution, seven of them as CEO, during a special episode of the podcast Punto Aparte alongside Ric Elías, CEO and founder of Red Ventures.
He framed the moment he took his position around two events: the retirement of Richard Carrión as chief executive officer of Popular Inc., whom Álvarez described as "an icon who had been CEO for almost 30 years," and the arrival, a few months later, of Hurricane María, a Category 5 storm that struck Puerto Rico in September 2017.
Before his appointment as CEO, Álvarez served as president and chief operating officer (COO) starting in 2014. His designation as president and CEO of Popular, Inc. was effective July 1, 2017.
"A few months after I took the position, (Hurricane María) hit, and I was able to rally the troops and give them a fighting spirit, a sense of purpose… And at that moment, clearly, our purpose was to help Puerto Rico," the executive said.
He also pointed out that, while large American companies "pulled everyone out" (of Puerto Rico) three or four days before the hurricane, he stayed.
"When you are the president of Banco Popular, you have to be here. The next day, you have to be in the street even if your house is destroyed. You can't be cleaning your house," Álvarez said of his role at the franchise, which is 131 years old.
He recalled that, on the second day after Hurricane María, he received a call from a manager who told him there was an "enormous line" of people outside (the bank), but that they had no system. At that point, Álvarez authorized giving $100 to each person who presented a debit card and signed a piece of paper. "It worked. We lost almost nothing," he said.
"I felt proud that I was able to help in our most difficult moment. The pandemic was one thing, but losing communication (after María), having no systems and with people balancing accounts by hand was an incredible thing, and we did it," he said.
On another note, drawing on sports to describe his role as CEO, he said he sees himself as both a manager and a player, someone who has to build his team and strategy. "In a company of our size, one person can't do everything. You can't pretend to do everything and you can't know everything," he said.
Banco Popular Special
He gave as an example that, to choose the themes for the Banco Popular special, the team in charge presents him with three options on which he weighs in, but he does not get involved in the production. "This is an artistic matter. We have people at the bank who handle that, but they do consult me on the theme of the year," he added.
"I choose the theme from what they bring me. Sometimes I have strong opinions and sometimes I don't. Sometimes I'm completely wrong," the CEO acknowledged in explaining his approach to these matters.
Along those lines, he said that humility is the most important thing in life because you can learn from everyone."
On the 2024 special, titled "Lo que nos une," Álvarez said that this year they aim to highlight Puerto Rico as a "great united family," especially around the celebration of the Christmas season and music.
Some of the artists taking part in this year's production are: Danny Rivera, Wisin, Chuwi, Charlie Aponte, Melina León, Gale, Pedro Capó, Los Rivera Destino, Miley Burgos, Julio César Sanabria, Ana Isabelle, Chabela, Andrea Cruz, Moncho Rivera, Daymé Arocena, Ángel "Papote" Alvarado y el Grupo Esencia, Brendaly Rivera, and others.
On the significance of the Banco Popular special, Álvarez noted that he feels "proud" because they have given young talent the opportunity to be exposed for the first time.
He pointed out that the initiative also represents an "important" budget for these production companies, which sometimes have little work in Puerto Rico. "They always count on us," he added.
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Cover photo: Banco Popular de Puerto Rico
This content was translated with the assistance of Artificial Intelligence (AI).
