Banco Popular announces president’s departure ahead of investors’ call

Hours before Banco Popular de Puerto Rico (BPPR) was set to hold a public phone call with investors, they announced that the bank’s CEO and president, Javier Ferrer, will be retiring at the end of August. The announcement came as part of the required disclosures to the market for the second quarter of 2026 (Q2), in which BPPR is also presenting a positive financial outlook. 

“With the satisfaction of seeing Popular solid, united, and moving forward with a clear purpose and strategy, I’m announcing my retirement, effective August 31, 2026. As I begin this next chapter, I look forward to focusing on my health and spending meaningful time with my family and close friends,” Ferrer wrote as part of the Financial Results presentation.

Ferrer argued that his team has created momentum for the bank and highlighted the Q2 income of $278 million, which is a $68 million increase when compared with last year’s second quarter and a $32 million increase when compared with the first quarter of the year. Ferrer also highlighted BPPR’s Return on Tangible Common Equity (ROTCE) percentage increase from 15.5 percent to 17 percent. The ROTCE is an indicator of how effective the a bank is at making profits. 

As for the succession, BPPR announced that Jorge J. García, the Company’s Executive Vice President and Chief Financial Officer, will succeed Ferrer as President, CEO and a member of the Board.  

“I am honored by the opportunity to serve as CEO. Popular is a trusted financial partner with a long, proud history, shaped by the many leaders who have helped craft the institution it is today. I want to thank Javier for his guidance and collaboration over the years. His vision and energy have shaped our path forward in meaningful ways. I look forward to working closely with the rest of the leadership team and colleagues across the organization to build on that legacy and continue executing our strategic plan,” García said.