Popular Inc. CEO Álvarez to retire June 30; COO Ferrer to succeed him
The institution’s board credits Álvarez for his leadership, while Ferrer pledges to build on Popular’s transformation efforts.
Popular Inc. announced that Ignacio Álvarez will retire effective June 30, after serving as CEO since 2017. Javier D. Ferrer, the current president and chief operating officer, will succeed him.
“The Board would like to thank Ignacio for his important contributions over the past 15 years. He joined Popular in 2010, when I was CEO, at a very challenging time for our organization and the financial industry,” said Popular’s chairman, Richard L. Carrión.
“His counsel and support were invaluable, and his highly strategic and collaborative approach quickly set him apart as a great leader. From his earliest days as CEO, he demonstrated his deep commitment to Popular’s core values as he steered our response in support of the many clients, colleagues and communities impacted by Hurricane Maria and the global pandemic,” Carrión said.
“Ignacio also spearheaded critical initiatives, such as the expansion of our auto business through an important acquisition, the transaction to acquire key customer-facing channels from Evertec, and the launch of a company-wide transformation to modernize our delivery channels and deliver an enhanced customer experience. We wish him the best in his well-deserved retirement,” he said.
“Javier has assumed increasing responsibilities in key leadership positions, demonstrating that he has the experience and vision to lead Popular as the new CEO and ensure the organization’s continued success,” Carrión added.
Meanwhile, Álvarez said, “Popular is a special institution. Leading it has been a privilege and the opportunity of a lifetime, and I am proud of what we, as a team, have accomplished in recent years. I would like to thank our board and colleagues, as well as our customers and shareholders, for their trust and support, which have made this journey a truly exceptional one.”
“I’m especially grateful to Javier for his friendship and partnership, which span many decades. Javier is a talented leader who cultivates a collaborative, high-performance culture. He will bring new energy while ensuring a smooth transition into the CEO role,” Álvarez said.
“I firmly believe Popular’s best days are ahead, and I am positive that Javier will lead us to even greater successes,” he added.
Ferrer joined Popular in 2014 as chief legal officer and general counsel. Since January 2022, he has served as executive vice president and chief operating officer. In May 2024, he was also appointed president.
In these roles, Ferrer has overseen all business lines, as well as the corporation’s Strategic Planning and Data and Analytics functions. He has also been instrumental in executing Popular’s transformation program.
Before joining Popular, Ferrer was a founding partner of Pietrantoni Méndez & Álvarez LLC, a San Juan-based law firm.
“The opportunity to lead Popular is tremendously exciting. I’m truly honored by the trust our board has placed in me and deeply grateful for Ignacio’s confidence and mentorship over the years,” Ferrer said.
“Ignacio has developed a strong foundation to build upon. 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.
“I look forward to our future with optimism, fully committed to continuing to work with our great teams to strengthen our organization, with a strong focus on delivering exceptional customer service, innovating and modernizing our technology, and fostering a culture of agility and performance to deliver increasing value to our stakeholders,” he added.
