First BanCorp Announces Retirement of Long-Serving CFO and Appoints Internal Successor
Summary
First BanCorp announced the retirement of its long-serving CFO, Orlando Berges, and the appointment of internal candidate Said Ortiz as his successor, effective mid-2026, ensuring a planned and smooth leadership transition.
Key Events
-
CFO Retirement Announced
Orlando Berges, Executive Vice President and Chief Financial Officer since 2009, will retire effective June 30, 2026.
-
Internal Successor Appointed
Said Ortiz, currently Senior Vice President and Chief Accounting Officer, has been appointed as the new CFO, effective July 1, 2026.
-
Planned Transition for Continuity
The transition is staggered, with Mr. Berges providing advisory services post-retirement to ensure a seamless handover.
Analysis
First BanCorp announced the planned retirement of its Executive Vice President and Chief Financial Officer, Orlando Berges, effective June 30, 2026. Mr. Berges has served as CFO since 2009 and was instrumental in the company's transformation and financial strengthening. The company has appointed Said Ortiz, currently Senior Vice President and Chief Accounting Officer, as the new CFO, effective July 1, 2026. This internal promotion of a seasoned executive with over 19 years of experience, including significant time within First BanCorp, signals a smooth and well-managed succession plan. The staggered transition, with Mr. Berges providing advisory services post-retirement, aims to ensure continuity. This executive change occurs shortly after the company reported record full-year 2025 earnings and while its stock is trading near its 52-week high, suggesting the transition is being managed from a position of strength.
At the time of this filing, FBP was trading at $23.22 on NYSE in the Finance sector, with a market capitalization of approximately $3.7B. The 52-week trading range was $16.40 to $23.43. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.