Popular, Inc. announced that its Board of Directors has appointed Richard Carrión, currently company's Chairman and Chief Executive Officer (CEO), as Executive Chairman of the Board of Directors of the corporation. In this new role, Carrión will collaborate with the new CEO on corporate strategy, with particular emphasis on mergers and acquisitions, innovation and technology, social responsibility initiatives and government and client relations, and will continue to chair the Board of Directors. The Board intends that, over a period of three years, Carrión will transition to the role of Non-Executive Chairman.

Ignacio Alvarez, who has been President and Chief Operating Officer (COO) since 2014, was named President and CEO and a member of the Board of Directors of the Corporation. These appointments will become effective on July 1, 2017. Carrión joined Popular in 1976, became President in 1985, CEO in 1991 and Chairman of the Board in 1993.

As President and COO, Alvarez has overseen the operations of Banco Popular de Puerto Rico and Popular Community Bank for the past three years. Prior to joining Popular in 2010 as Chief Legal Officer, Alvarez was a founding partner of a leading San Juan, Puerto Rico based law firm, where he specialized in corporate and banking law.