Banco Popular CEO Javier Ferrer to Retire; CFO Jorge García Named Successor

SAN JUAN, PUERTO RICO — Puerto Rico's largest bank is preparing for its third chief executive in just over a year.

Banco Popular CEO Javier Ferrer will retire on August 31, the bank announced in a press release Thursday. Ferrer had assumed the role in June 2025.

His departure triggers a series of executive changes at the lender:

• Jorge García, who served as CFO since 2024, will succeed Ferrer as CEO.
• Lidio Soriano, previously Popular's chief risk officer, will move into the CFO role.
• Luis Sousa, head of the bank's credit risk management division, will become chief risk officer.

"These appointments reflect a thoughtful succession plan developed by the Board and demonstrate the depth, experience and strength of our leaders," Richard Carrión, Popular's board chair, said in a statement Thursday.

Ferrer joined the now-$78.9 billion-asset Popular as chief legal officer in 2014. He rose rapidly over recent years, becoming chief operating officer in 2022, president in 2024, and CEO last year.

"As I begin this next chapter, I look forward to focusing on my health and spending meaningful time with my family and good friends," Ferrer wrote in a LinkedIn post. "It has been an extraordinary journey, full of challenges overcome, shared learnings, and above all, relationships with special people that I will treasure for the rest of my life. … I retire with the satisfaction of a job well done and a heart full of gratitude."

The leadership changes coincided with Popular's second-quarter earnings disclosure. The bank reported a 32.4% increase in profit compared to the same period last year — incidentally, the day Ferrer became CEO.

Popular also announced it would increase its quarterly dividend to $0.90 per share, up from $0.75, and authorized a common stock repurchase program of up to $1 billion.

Carrión noted that Ferrer "helped shape our strategic direction and played a pivotal role in executing our Transformation program to provide clients with more personalized and accessible services, increase employee performance and satisfaction and generate sustainable profitable growth and value for our shareholders."

García, a 21-year veteran of the bank and its affiliates, said he is "honored by the opportunity to serve as CEO."

"I am fortunate to take on this role at a time of great momentum and enthusiasm," he said during an earnings conference call. "I do not take this responsibility lightly, and I hope to inspire my colleagues to continue building on that momentum for years to come."

Carrión praised García for his "financial acumen and genuine concern for Popular and its people," adding that García "has a deep understanding of our business and our industry."