Popular, Inc. Authorizes $1 Billion Stock Buyback and Names Jorge J. García CEO

Popular, Inc. Announces Leadership Transition and $1 Billion Stock Buyback

The leadership changes come as the corporation reports strong financial results for the second quarter of 2026. During a recent call with shareholders and analysts, Ferrer noted that the company achieved a net income of $278 million, or $4.35 per share, representing increases of 32% and 41%, respectively, compared to the same period in 2025. Concurrent with these financial disclosures, the company authorized a new stock buyback program of up to $1,000 million.

Executive Leadership Realignment

The appointment of García, who has served as the corporation’s executive vice president and chief financial officer (CFO) since 2024, is part of a broader management transition. García, a 53-year-old accountant, has been with the institution since 2005. His previous roles include leading the finance and accounting unit of Popular Bank and serving as the conglomerate’s controller and director of accounting.

Under the new structure, Lidio V. Soriano, currently the executive vice president and chief risk officer, will transition to the role of CFO. Luis F. Sousa has been named to succeed Soriano as the new executive vice president and chief risk officer. Richard L. Carrión, chairman of the board, described the incoming leaders as executives whose expertise and understanding of the conglomerate will ensure the institution remains focused on its strategic business plan.

Financial Performance and Capital Strategy

The decision to initiate a $1,000 million stock repurchase program follows the full utilization of a previous $500 million authorization granted in 2025. In 2026 alone, the bank has already purchased approximately $280 million in shares. Additionally, the institution announced a 20% increase in its dividend payment, raising it from $0.75 to $0.90 per share, effective for dividends payable in the fourth quarter of 2026.

According to official announcements, the bank currently serves 2.1 million clients in Puerto Rico. Ferrer credited the strong quarterly performance to resilient consumer spending, tourism, and a robust labor market. He further highlighted that the construction sector remains supported by both public and private investment, including the deployment of federal funds for infrastructure recovery.

Strategic Continuity and Outlook

Despite the change in leadership, the corporation has emphasized its commitment to the existing strategic path. Ferrer, who characterized his final report as an emotional milestone, stated that the institution remains focused on innovation and growth. García, reflecting on his upcoming tenure, expressed his intention to work closely with the management team to build upon the legacy of his predecessors and continue executing the company’s strategic plan.

The transition marks the conclusion of Ferrer’s tenure, which began when he joined the company in 2014. Carrión credited Ferrer with playing a fundamental role in the corporation’s transformation program, which aimed to provide more personalized services, improve employee satisfaction, and generate sustainable value for shareholders. Ferrer indicated he intends to focus on his health and spend time with his family following his retirement.

Additional context regarding the institution’s leadership history and the professional background of the incoming CEO highlights that García holds a bachelor’s degree in Business Administration with a concentration in Accounting from the University of Iowa. Prior to his career at Popular, he held positions at Price Waterhouse, Cumulus Media, and Caribbean Cable Communications.