POPULAR, INC. (NASDAQ:BPOPM) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item5.02
|
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
At a meeting held on April24, 2017, the Board of Directors of
Popular, Inc. (the Company) appointed Richard L. Carrin, as
Executive Chairman of the Board, and Ignacio Alvarez as President
and Chief Executive Officer of the Company and its two banking
subsidiaries, Banco Popular de Puerto Rico (BPPR), and Popular
Community Bank (PCB), and elected Mr. Alvarez to the Board,
effective July1, 2017.
Mr.Carrin, who is currently Chairman and Chief Executive Officer
of the Company, BPPR and PCB, in his new role as Executive
Chairman, will continue to collaborate with Mr.Alvarez on
corporate strategy, government and client relations and social
responsibility initiatives. Mr.Carrin will continue to serve as
Chairman of the Board of the Company and its banking subsidiaries
in this new role. The Board of Directors announced that it
intends Mr.Carrin to transition to Non-Executive Chairman over a
period of three years.
Mr.Alvarez, 58, is currently serving as President and Chief
Operating Officer of the Company and BPPR, and President of PCB.
Prior to that he served as Executive Vice President and Chief
Legal Officer of the Company from June 2010 to September 2014. He
has been a director of BPPR and PCB since October 2014, and a
member of the Board of Trustees of Fundacin Banco Popular, Inc.
and of Popular Community Bank Foundation, Inc. since November
2015.
The terms of the compensation that Messrs. Carrin and Alvarez
will receive in connection with their new roles as Executive
Chairman, and President and Chief Executive Officer,
respectively, have not yet been determined. There is no
arrangement or understanding between Mr.Alvarez and any other
person to which Mr.Alvarez was selected as an officer or
director. With respect to the disclosure required to Item401(d)
of Regulation S-K, there are no family relationships between
Mr.Alvarez and any director or executive officer of the Company.
With respect to the disclosure required to Item404(a) of
Regulation S-K, there are no transactions between the Company and
Mr.Alvarez that would be required to be reported.
A copy of the press release issued by the Company on April25,
2017, to announce the Chief Executive Officer succession and the
election of Mr.Alvarez to the Board of the Company is filed as
Exhibit 99.1 to this Current Report on Form 8-K and is
incorporated herein by reference.
A copy of the press release is attached hereto as Exhibit 99.1.
| Item9.01. | Financial Statements and Exhibits. |
The following exhibit shall not be deemed to be filed for
purposes of the Securities Exchange Act of 1934, as amended.
| 99.1 | Press release dated April 25, 2017 |
POPULAR, INC. (NASDAQ:BPOPM) Recent Trading Information
POPULAR, INC. (NASDAQ:BPOPM) closed its last trading session down -0.04 at 22.45 with 2,400 shares trading hands.
