Richard Carrión

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Richard L. Carrion Rexach (born November 26, 1952 in San Juan, Puerto Rico)[1] is the current Chairman and CEO of Popular, Inc., the largest company in Puerto Rico, and parent company of Banco Popular de Puerto Rico, Banco Popular North America and E-Loan.

Contents

Early life

Carrion was born to one of the richest families in Puerto Rico, his grandfather being one of the founders of Popular, Inc. (BPPR). He received a bachelors degree from the Wharton School of Finance and Commerce in 1974 and an MS in Management Information Systems from the Massachusetts Institute of Technology in 1976.[2] After the Master’s Degree, Mr. Carrión joined Banco Popular in 1976. After his father's death, Carrion became the leader of that banking corporation.[2]

Popular, Inc.

Richard L. Carrión is the Chief Executive Officer and Chairman of the Board of Popular, Inc., a publicly traded financial holding company with more than $45 billion in consolidated assets. Today, Banco Popular, a wholly owned subsidiary of Popular, Inc., is Puerto Rico's leading depository institution, the largest Hispanic-owned bank in North America, and one of the 30 most important financial institutions in the Americas. As CEO, Carrion has led the way through numerous innovations in the company such as its expansion through the Caribbean, Latin America and the United States.

While Mr. Carrión was President of Banco Popular, Popular completed the acquisition of various financial institutions, including Banco de Ponce, Banco Roig, Seminole Bank, First State Bank of Southern California, Gore Bronson Bancorp in Chicago and Aurora National Bank. At the time of the acquisition, Banco de Ponce was the second largest bank in Puerto Rico. Recently, he also headed Popular’s recent acquisition of Quaker City, a savings and loan holding company for Quaker City Bank, based in Whittier, California, and Kislak National Bank, a Florida-based commercial bank.

In the information technology arena, Mr. Carrion’s vision brought the first network of ATMs to Puerto Rico and many other Latin American countries, and also spearheaded the successful migration from paper to electronic transactions. In 1999, after the acquisition of GM Group, Inc., the largest data processing center in the Caribbean, Popular consolidated its leadership role in the technological arena, thus creating EVERTEC, a new leader in information technology.

As of May 24, 2010, Popular Inc.'s board of directors announced that David Chafey, Jr., president and chief operating office would no longer be employed by the company. The board appointed Chairman and Chief Executive Richard Carrión as President. The company added that the position of Chief Operating Officer would not be filled at this time.

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