Popular Announces Retirement of Chief Financial Officer, Carlos J. Vázquez, and names Jorge J. García as Successor
December 11 2023 - 7:38AM
Business Wire
Popular, Inc. (“Popular” or the “Corporation”) (NASDAQ: BPOP)
announced today that Carlos J. Vázquez will retire effective March
31, 2024 after serving as Chief Financial Officer (“CFO”) since
2013, and in other senior leadership positions since joining
Popular in 1997. He will be succeeded by Jorge J. García, currently
Corporate Comptroller and Chief Accounting Officer.
“Carlos has been an important contributor to our financial
success,” said President and Chief Executive Officer Ignacio
Alvarez. “On behalf of everyone at Popular, I would like to express
our appreciation for Carlos’ more than 25 years of service, from
his steady leadership during times of economic challenges through
to our solid business and financial performance today. On a
personal note, I am grateful to Carlos for his partnership and his
friendship throughout the years.”
“Jorge has worked alongside Carlos for many years to build a
strong finance team and has been instrumental in creating a culture
of collaboration to advance our strategic priorities,” Mr. Alvarez
continued. “I look forward to working with Jorge as part of our
senior leadership team to continue positioning Popular for
sustainable and profitable growth.”
“Popular will be well served by Jorge as CFO, anchored in his
deep understanding and appreciation for our business,” said Mr.
Vázquez. “He is a committed leader with great character and the
highest competence, that will continue to contribute to our
Corporation’s success for years to come.”
Mr. García joined Popular in 2005. Before being promoted to his
current role as Corporate Comptroller and Chief Accounting Officer,
Mr. García served as Senior Vice President and Director of Finance
and Accounting of Popular Bank, the Corporation’s banking
subsidiary in the mainland United States. Mr. García holds a B.B.A.
in Accounting from the University of Iowa.
Popular also announced the appointment of Ms. Denissa M.
Rodríguez Adorno as Corporate Comptroller and Chief Accounting
Officer to succeed Mr. García. In this role, Ms. Rodríguez Adorno
will report to Mr. García. Ms. Rodríguez Adorno has served since
2018 as Senior Vice President and General Auditor of the
Corporation. Prior to joining the Corporation, Ms. Rodríguez Adorno
worked at PricewaterhouseCoopers LLP for more than a decade in
various roles. She holds a B.B.A. in Accounting and Finance from
the University of Puerto Rico and is a Certified Public
Accountant.
“These appointments reflect the depth of talent at Popular and
our commitment to develop leaders that will ensure the success of
our organization in the future,” concluded Mr. Alvarez.
About Popular, Inc.
Popular, Inc. (NASDAQ: BPOP) is the leading financial
institution in Puerto Rico, by both assets and deposits, and ranks
among the top 50 U.S. bank holding companies by assets. Founded in
1893, Banco Popular de Puerto Rico, Popular’s principal subsidiary,
provides retail, mortgage and commercial banking services in Puerto
Rico and the U.S. Virgin Islands. Popular also offers in Puerto
Rico auto and equipment leasing and financing, investment banking,
broker-dealer and insurance services through specialized
subsidiaries. In the mainland United States, Popular provides
retail, mortgage and commercial banking services through its New
York-chartered banking subsidiary, Popular Bank, which has branches
located in New York, New Jersey and Florida.
Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the U.S. Private Securities Litigation Reform Act of
1995, including without limitation those regarding Popular’s
business, financial condition, results of operations, plans,
objectives and future performance. These statements are not
guarantees of future performance, are based on management’s current
expectations and, by their nature, involve risks, uncertainties,
estimates and assumptions. Potential factors, some of which are
beyond the Corporation’s control, could cause actual results to
differ materially from those expressed in, or implied by, such
forward-looking statements. Risks and uncertainties include,
without limitation, the effect of competitive and economic factors,
and our reaction to those factors, the adequacy of the allowance
for loan losses, delinquency trends, market risk and the impact of
interest rate changes, capital market conditions, capital adequacy
and liquidity, the effect of legal and regulatory proceedings, new
accounting standards on the Corporation’s financial condition and
results of operations. Other potential factors include Popular’s
ability to successfully execute its transformation initiative,
including, but not limited to, achieving projected earnings,
efficiencies and return on tangible common equity and accurately
anticipating costs and expenses associated therewith, the
imposition of FDIC special assessments, changes to regulatory
capital, liquidity and resolution-related requirements applicable
to financial institutions in response to recent developments
affecting the banking sector and the impact of bank failures or
adverse developments at other banks and related negative media
coverage of the banking industry in general on investor and
depositor sentiment regarding the stability and liquidity of banks.
All statements contained herein that are not clearly historical in
nature, are forward-looking, and the words “anticipate,” “believe,”
“continues,” “expect,” “estimate,” “intend,” “project” and similar
expressions, and future or conditional verbs such as “will,”
“would,” “should,” “could,” “might,” “can,” “may” or similar
expressions, are generally intended to identify forward-looking
statements.
More information on the risks and important factors that could
affect the Corporation’s future results and financial condition is
included in our Form 10-K for the year ended December 31, 2022 and
in our Forms 10-Q for the quarters ended March 31, 2023, June 30,
2023 and September 30, 2023 filed with the Securities and Exchange
Commission. Our filings are available on the Corporation’s website
(www.popular.com) and on the Securities and Exchange Commission
website (www.sec.gov). The Corporation assumes no obligation to
update or revise any forward-looking statements or information
which speak as of their respective dates.
Financial (English): P-EN-FIN
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version on businesswire.com: https://www.businesswire.com/news/home/20231208594460/en/
Popular, Inc. Investor Relations: Paul J. Cardillo, 212-417-6721
Senior Vice President and Investor Relations Officer
pcardillo@popular.com or Media Relations: MC González
Noguera, 917-804-5253 Executive Vice President and Chief
Communications & Public Affairs Officer
mc.gonzalez@popular.com
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