First BanCorp PR Implements Strategic Reorganization to Boost Efficiency and Customer Experience

Cashu

5 months ago

First BanCorp. Initiates Strategic Reorganization to Enhance Operational Efficiency

First BanCorp., the bank holding company for FirstBank Puerto Rico, is embarking on a strategic reorganization aimed at improving operational efficiency and enhancing customer experiences. President and CEO Aurelio Alemán highlights that this initiative is designed to align the organization’s structure with its strategic goals while fostering internal talent development. This proactive approach seeks to create a dedicated team focused on responsible growth, ultimately benefiting clients, communities, and shareholders.

As part of this transition, two key executives, Cassan Pancham and Carlos Power, will retire in May 2025 after more than four decades of service. Pancham, who currently oversees Mortgage, Insurance, and the Eastern Caribbean Region's commercial business, and Power, who manages Unsecured Consumer Lending, Auto, and Leasing lines, have both made significant contributions to the company's success. Alemán expresses gratitude for their leadership and commitment, assuring that they will play a crucial role in ensuring a smooth transition during this period of change.

Effective April 1, the reorganization will see Nayda Rivera-Batista appointed as Executive Vice President and Chief Consumer Officer. In her new role, she will oversee several key business lines, including Mortgage and Unsecured Consumer Lending. This position is designed to leverage Rivera-Batista's strong leadership and strategic vision, further enhancing First BanCorp.'s capabilities. Additionally, Luzmarie Vélez and Alexis Colon will take on roles as Senior Vice President Division Directors, signifying a broader scope of responsibilities within the organization. These changes reflect First BanCorp.'s commitment to preparing for sustained success in the competitive banking industry.

In conclusion, First BanCorp.'s strategic reorganization represents a significant step towards enhancing its operational framework and customer service offerings. By nurturing internal talent and ensuring a robust leadership structure, the company aims to position itself effectively for future growth and success in the evolving banking landscape.

Moreover, this initiative underscores the importance of succession planning within the organization, as the timely transitions of seasoned executives pave the way for new leadership. This foresight not only strengthens First BanCorp.'s internal culture but also enhances its competitive edge in the market, ensuring that it remains responsive to the needs of its clients and the communities it serves.