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Popular, Inc. (NASDAQ: BPOP) has announced a planned leadership transition that will see President and Chief Executive Officer Javier D. Ferrer retire at the end of August, with Chief Financial Officer Jorge J. García succeeding him as president, CEO and a member of the company’s Board of Directors.
The transition will take effect Aug. 31, 2026, when Ferrer retires after more than a decade with the financial institution. As part of the succession plan, Executive Vice President and Chief Risk Officer Lidio V. Soriano will become executive vice president and chief financial officer, while Senior Vice President Luis F. Sousa, head of the Credit Risk Management Division, will be promoted to executive vice president and chief risk officer. Both appointments become effective Sept. 1, 2026.
The leadership changes follow a succession plan developed by Popular’s Board of Directors and are designed to provide continuity across the company’s executive team as it continues executing its long-term growth strategy.
Board Chairman Richard L. Carrión credited Ferrer with helping reshape the organization during his tenure, highlighting his leadership in advancing Popular’s transformation program to improve customer experience, strengthen employee engagement and support sustainable profitability.
“Since Javier joined the Company in 2014, he 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,” Carrión said.
Carrión said García’s appointment reflects his deep understanding of the business and more than a decade of executive leadership within Popular.
“His financial acumen and genuine concern for Popular and its people have earned him the respect and trust of colleagues across the Company,” Carrión said. “The Board is confident in his ability to seamlessly step into this role and continue shaping our strategy moving forward.”
García has served as executive vice president and chief financial officer since April 2024. He previously held several senior finance positions within the company, including senior vice president, corporate comptroller and chief accounting officer from 2012 to 2024. Earlier in his career, he served as senior vice president and director of finance and accounting for Popular Bank, the company’s U.S. banking subsidiary, and as vice president of strategic planning and analysis. He holds a bachelor’s degree in accounting from the University of Iowa.
The executive reshuffle also elevates two long-serving leaders into expanded roles. Soriano, who has served as chief risk officer since 2011, will assume responsibility for the company’s finance organization after playing a central role in capital management, enterprise risk oversight and strategic planning. Before joining Popular, he spent 17 years in senior banking positions in Puerto Rico. Sousa, who has led the Credit Risk Management Division since 2019, will oversee the company’s enterprise risk function after more than 20 years in banking roles spanning audit, quantitative analysis and risk management.
Ferrer said he is proud of the progress achieved during his leadership and expressed confidence in the executive team that will guide the company’s next chapter.
“It has been an honor to serve Popular and work alongside a team so deeply committed to our clients, communities and shareholders,” Ferrer said, adding that he plans to focus on his health and spend more time with family following his retirement.
García said he intends to build on the company’s long history while continuing to execute its strategic priorities.
“I am honored by the opportunity to serve as CEO,” García said. “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.”
Founded in 1893, Popular is the largest financial institution in Puerto Rico by assets and deposits and ranks among the 50 largest U.S. bank holding companies by assets. Through Banco Popular de Puerto Rico and Popular Bank, the company provides retail, commercial and mortgage banking services across Puerto Rico, the U.S. and British Virgin Islands, with mainland operations in New York, New Jersey and Florida. Popular also announced its second-quarter 2026 financial results separately and will discuss those results during a conference call scheduled for today.