Javier D. Ferrer assumed the role of Chief Executive Officer at Popular Inc on 1 July 2025, taking the helm of Puerto Rico's largest financial institution after Ignacio Alvarez retired from the position effective 30 June 2025. Alvarez's departure ends an eight-year tenure as CEO. The transition had been publicly announced earlier in the year.
Popular Inc is the largest financial institution in Puerto Rico, with its principal subsidiary Banco Popular de Puerto Rico providing retail, commercial, and government banking services across the island. The group also has operations in the continental United States.
FERRER STEPS UP FROM PRESIDENT AND COO
Ferrer has served as Chief Operating Officer since January 2022 and as President since May 2024.
ALVAREZ'S TENURE
Ignacio Alvarez's eight years as CEO of Popular included Hurricane Maria in 2017, the extended process of restructuring the territory's public debt under PROMESA, and the economic disruptions brought by the COVID-19 pandemic.
Alvarez said at the time of the succession announcement that he was confident 'Popular's best days are ahead'.