Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Appointment of Chief Operating Officer and Head of Business Strategy
On October 21, 2021, Javier D. Ferrer was appointed Executive Vice President,
Chief Operating Officer and Head of Business Strategy of Popular, Inc.
("Popular" or the "Corporation"). He was also appointed Executive Vice
President, Chief Operating Officer and Head of Business Strategy of Popular
North America, Inc. ("PNA"), Senior Executive Vice President, Chief Operating
Officer and Head of Business Strategy of Banco Popular de Puerto Rico ("BPPR")
and Senior Executive Vice President and Head of Business Strategy of Popular
Bank ("PB"). His appointments are effective January 1, 2022.
Mr. Ferrer has served as Executive Vice President, Chief Legal Officer, General
Counsel and Corporate Secretary of the Corporation, PNA, BPPR and PB since
October 2014. He has also been a member of the Board of Directors of BPPR since
March 2015 and a member of its Trust Committee since September 2019. In January
2019, he assumed oversight of the Corporation's strategic planning function.
Before joining Popular, Mr. Ferrer was a founding partner of Pietrantoni
Méndez & Alvarez LLC, a San Juan, Puerto Rico based law firm, were he worked
from September 1992 to December 2012 and from August 2013 to September 2014.
From January 2013 to July 2013, Mr. Ferrer served as President of the Government
Development Bank for Puerto Rico and Vice Chairman of its Board of Directors as
well as Chairman of the Economic Development Bank for Puerto Rico. Mr. Ferrer is
59 years old and received a B.A. from Harvard College and a J.D. from Boston
College Law School.
In his role as Chief Operating Officer and Head of Business Strategy of the
Corporation, Mr. Ferrer will report directly to Ignacio Alvarez, the
Corporation's President and Chief Executive Officer, and shall oversee all of
Popular's businesses, including Puerto Rico and U.S.-based commercial, retail,
individual credit and financial and insurance service units.
BPPR, the Corporation's Puerto Rico-based banking subsidiary, has several
outstanding loan transactions with Mr. Ferrer, his immediate family and entities
controlled by them that were made in the ordinary course of business, on
substantially the same terms, including interest rates and collateral, as those
prevailing for comparable loan transactions with third parties, and did not
involve and do not currently involve more than normal risks of collection or
present other unfavorable features.
Appointment of Chief Legal Officer and General Counsel
Also on October 21, 2021, José R. Coleman Tió was appointed Executive Vice
President, Chief Legal Officer and General Counsel of the Corporation, PNA, BPPR
and PB, effective January 1, 2022. Mr. Coleman Tió has served as the
Corporation's and BPPR's Senior Vice President and Deputy General Counsel since
February 2017. He also acts as Assistant Secretary of the Corporation and its
wholly owned subsidiaries.
Prior to joining Popular, Mr. Coleman Tió was an independent provider of legal
and financial advisory services. He had also served in senior roles in the
Government Development Bank for Puerto Rico, including as Executive Vice
President and General Counsel, worked as an attorney at Cravath, Swaine & Moore,
LLP in New York, New York, and acted as law clerk to the Hon. Bruce M. Selya of
the U.S. Court of Appeals for the First Circuit. Mr. Coleman Tió is 40 years old
and received a B.A. from Harvard College and a J.D. from Yale Law School.
Item 8.01. Other Events.
On October 27, 2021, the Corporation issued a press release in connection with
the matters described in Item 5.02 of this Current Report on Form 8-K.
A copy of the press release is attached hereto as Exhibit 99.1.
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Item 9.01. Financial Statements and Exhibits.
99.1 Press release dated October 27, 2021.
101 Pursuant to Rule 406 of Regulation S-T, the cover page is formatted in
Inline XBRL (Inline eXtensible Business Reporting Language).
104 Cover Page Interactive Data File (embedded within the Inline XBRL document
and included in Exhibit 101).
Exhibit 99.1 shall not be deemed "filed" for purposes of the Securities Exchange
Act of 1934, as amended, nor shall it be incorporated by reference into any of
the Corporation's filings under the Securities Act of 1933, as amended, unless
otherwise expressly stated in such filing.
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