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Face of Puerto Rico’s largest bank steps down from executive role

By on June 28, 2019

Richard Carrión (Eva LLoréns/CB)

Banco Popular’s Carrión transitions from executive chairman to non-executive chairman

SAN JUAN — Popular Inc. announced Friday that Richard L. Carrión will transition from his current role of executive chairman to non-executive chairman of the board, effective July 1.

Carrión was named executive chairman July 1, 2017, after serving as chairman since 1993 and CEO of Popular for 26 years, a role in which he was succeeded by Ignacio Álvarez.

Carrión, who joined the company in 1976, said: “Popular has had a special place in my heart since childhood and I have been blessed to serve it in different roles over the past four decades. With the organization stronger than ever, supported by a talented team under Ignacio’s leadership, this is the appropriate time for me to transition to a non-executive role. It is a privilege to continue my service to Popular as Chairman of the Board.”

Under Carrion’s leadership, Popular Inc. ranks among the top 50 U.S. bank holding companies by assets. Banco Popular de Puerto Rico provides retail, mortgage and commercial banking services in Puerto Rico and the U.S. Virgin Islands. It also offers auto and equipment leasing and financing, investment banking, broker-dealer and insurance services through specialized subsidiaries. Stateside, Popular provides retail, mortgage and commercial banking services through its New York-chartered banking subsidiary, Popular Bank, which has branches in New York, New Jersey and Florida.

“I know I speak for everyone in the Popular family in expressing my heartfelt appreciation to Richard for his many years of exemplary service. Richard has been a truly iconic leader and I am grateful for his mentorship and trust during this transition. We are fortunate to have the opportunity to continue to benefit from his guidance as Chairman of the Board,” Álvarez said in the release.

The illustrious banker earned a bachelor’s degree from the Wharton School of Finance and Commerce at the University of Pennsylvania and a master’s degree in Management Information Systems from the Massachusetts Institute of Technology.

Carrión served as president of Popular Inc. from 1990 to January 2009 and again from 2010 to 2014. He served as president of Banco Popular de Puerto Rico, Popular’s principal subsidiary, from 1985 until 2004. He also served as chairman and president of Puerto Rico Investors Tax-Free Fund Inc. I, II, III, IV and V from 1994 to 1998. He served as chairman and president of Puerto Rico Tax-Free Target, according to Bloomberg.

The veteran banker also served as chairman and president of Maturity Fund Inc. from 1996 to 1998 and II from 1997 to 1998. He served as chairman and president of Puerto Rico Investors Flexible Allocation Fund from December 1998 to January 1999.

He has been the chairman of the Board of Trustees at Banco Popular de Puerto Rico Foundation and Fundacion Banco Popular Inc. since 1982, and chairman and Director of Popular Community Bank Foundation Inc. since 2005. He has been a director of Banco Popular Foundation Inc. since 2005.

He also served as chairman of the Vall Banc S.A.U. He serves as a director of Financial Services Roundtable, of After School Matters Inc. and of Fort Dodge Animal Health S.p.A. (Fort Dodge Animal Health, Inc.).

He has been a member of the Board of Managers at EVERTEC Group LLC. He had been an independent director of Verizon Communications Inc. from 1997 to 2019. He serves as a director of American Home Products Corp. and of Verizon New York Inc.

Carrión serves on the board of First Bank Romania (formerly Piraeus Bank Romania), Vall Banc and NIBC Holding N.V. He has been a member of Supervisory Board NIBC Holding NV since 2017. He has been a director of Verizon New England Inc. since 1997.

Carrión served as a director at the Federal Reserve Bank of New York from January 2008 to 2016. He served as a director of NYNEX Corp. from 1995 to 1997; EVERTEC from 2010 to 2013 and Wyeth LLC from 2000 to 2006.

The executive served as director of Equity One Inc.; Popular Finance Inc.; Popular Auto Inc.; Popular Mortgage Inc.; Popular Securities Inc.; Popular Insurance Inc. and GM Group Inc.

He also served as a member of the board of the National Museum of American History, Smithsonian Institution, from 1997 to 1998. Carrión serves as the president of the Board of Trustees of the Puerto Rico Committee for Economic Development and participates in the boards of several other civic organizations.

Carrión has also been a member of the International Olympic Committee (IOC) since 1990 and served on its executive board from 2004 to 2012. In 2010, he was elected to the Central Board of the International Basketball Federation (FIBA).

“On behalf of a grateful Board, I would like to recognize Richard’s contributions, vision and his continued commitment to Popular, as well as Ignacio’s leadership since he assumed the position of CEO. We look forward to continue working with both to ensure Popular remains a strong, growing and vibrant organization,” William J. Teuber Jr., Popular lead independent director, said in the bank holding company’s announcement Friday.

Popular’s Carrión Appointed Executive Chairman Ignacio Álvarez now CEO

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