Álvarez's departure, effective June 30, 2025, comes after eight years in the position. Here is what to know about the leadership change at Puerto Rico's largest financial institution.
Popular, Inc. announced Thursday that its current chief executive officer (CEO), Ignacio Álvarez, will retire from the financial institution on June 30, 2025, after leading it since 2017. The Board of Directors designated Javier D. Ferrer, who currently serves as president and chief operating officer (COO), as his successor.
The announcement was made by Richard Carrión, chairman of the Board of Directors, who highlighted Álvarez's contributions during his 15 years at the institution. "He joined Popular in 2010, when I was CEO, at a very challenging time for our organization and the financial industry," Carrión pointed out. "His counsel and support were invaluable, and his highly strategic and collaborative approach quickly distinguished him as a great leader."
Carrión underscored Álvarez's role during crises such as Hurricane María and the COVID-19 pandemic, as well as his leadership on strategic initiatives, including the expansion of the automotive business through acquisitions, the purchase of key customer service channels from Evertec, and the modernization of the company.
He also noted that "Javier has taken on greater responsibilities in key leadership positions, demonstrating that he has the experience and vision to lead Popular as the new CEO and ensure the continued success of the organization."
For his part, the outgoing CEO expressed gratitude for the opportunity to lead the institution.
Ignacio Álvarez, CEO of Popular, Inc.
Álvarez thanked the Board, his colleagues, and the institution's clients and shareholders for their trust and support. "I am especially grateful to Javier for his friendship and collaboration, spanning many decades. Javier is a talented leader who cultivates a high-performance, collaborative culture. He will bring new energy while ensuring a smooth transition to the CEO role. I firmly believe that Popular's best days are ahead, and I am confident that Javier will lead us to even greater success," he said.
Watch the interview with Ignacio Álvarez on Platea's Punto Aparte:
Who is Javier D. Ferrer?
Ferrer joined Popular in 2014 as general counsel and legal director. Since January 2022, he has served as executive vice president and COO. In May 2024, he was also named president.
As president and COO of Popular, Ferrer has been responsible for overseeing all business lines and the Corporation's Strategic Planning and Data and Analytics functions. According to the institution, he has been instrumental in executing Popular's Transformation program.
Before joining Popular, Ferrer was a founding partner of Pietrantoni Méndez & Alvarez LLC, a law firm based in San Juan, Puerto Rico. He also served as chairman and vice chairman of the Board of Directors of the Banco Gubernamental de Fomento para Puerto Rico.
"The opportunity to lead Popular is tremendously exciting. I feel truly honored by the trust our Board has placed in me, and deeply grateful for Ignacio's confidence and mentorship over the years. Ignacio has built a strong foundation on which to build. Popular's legacy and its ability to positively impact so many people, businesses and communities is an important asset, accompanied by a great responsibility," he said.
Javier D. Ferrer, president of Popular Inc.
This content was translated with the assistance of Artificial Intelligence (AI).
