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A Passing Of The Baton At Banco Popular

After 19 years at the helm, Richard Carrion welcomes David Chaffey Jr. as new chief


April 8, 2004
Copyright © 2004 CARIBBEAN BUSINESS. All Rights Reserved.

In a surprising move last weekend, David Chaffey Jr., senior executive vice president of Popular Inc., was promoted to president of Banco Popular de Puerto Rico by the joint board of Popular Inc. and Banco Popular.

Richard Carrion, who recommended the appointment, will remain as chairman, president & CEO of Popular Inc., the bank’s holding company. The new corporate structure will allow Carrion to exert direct leadership over the four companies integrating Popular Inc.: Banco Popular de Puerto Rico, Banco Popular North America, Equity One, and Evertec (a data-processing business).

Before joining Banco Popular in 1980 as vice president of the Investment Division, Chaffey attended Fairfield University in Connecticut and New York University’s Graduate School of Business Administration. He also served as chief financial officer while at Banco Popular.

"This is a position that has been well earned," said Carrion. "Chaffey’s new role is a natural evolution of his effective involvement in the bank through the years. It is also a recognition of his proved leadership."

Chaffey’s executive team includes Emilio Piñero, in charge of the commercial area; Nestor Obie, in charge of retail banking; and Juan Guerrero, who will lead financial services & insurance.

Another new development at Popular was the launch of a new organizational model called Corporate Leadership Circle. Its role is to establish corporate policy, oversee operational and financial controls, and coordinate specific corporate functions.

The Corporate Leadership Circle will be composed of Chaffey Jr.; Roberto Herencia, president of Banco Popular North America; Bill Williams, president of Equity One; and Felix Villamil, president of Evertec.

"In order to achieve the flexibility desired, we will change from a traditional structure to a one that adjusts to our strategy. To make us even more effective, the functions and tasks we fulfill for our clients will prevail over hierarchies," said Carrion.

Carrion also announced that the processing business, which handles electronic transactions, operations and systems services, and Banco Popular’s and GM Group’s programming, has been consolidated as Evertec. This initiative is intended to strengthen services through processing, offering services to third parties, and developing new technological services.

This Caribbean Business article appears courtesy of Casiano Communications.
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