First BanCorp Finalizes New CFO Compensation and Former CFO Consulting Terms
FBP sits 39% above its 52-week low of $19.16 on light trading volume (0.3× avg).
Summary
First BanCorp disclosed the compensation package for its new CFO, Said Ortiz, and the consulting agreement for former CFO Orlando Berges, formalizing the financial terms of the executive transition.
Key Events · Executive and Board Changes · FBP
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New CFO Compensation Details
Said Ortiz, the new Executive Vice President and CFO, will receive an annual base salary of $475,000, along with eligibility for annual bonuses and executive benefits, effective July 1, 2026.
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Change-of-Control Severance Package
Mr. Ortiz's employment agreement includes a severance provision entitling him to two times his annual base salary plus two times his average cash performance bonus if terminated without cause within two years following a change in control.
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Former CFO Consulting Agreement
Orlando Berges, the retiring CFO, entered into a Professional Services Agreement to provide consulting and advisory services at an hourly fee of $300 from July 1, 2026, through December 31, 2026, to ensure knowledge transfer and continuity.
Analysis · FBP · Finance
This amended 8-K provides the specific financial terms for the newly appointed Chief Financial Officer, Said Ortiz, including an annual base salary of $475,000 and a change-of-control severance package. It also details the consulting agreement for the retiring CFO, Orlando Berges, ensuring a smooth transition and knowledge transfer. These disclosures are important for investors to understand executive compensation structures and potential future liabilities related to key leadership roles.
At the time of this filing, FBP was trading at $26.65 on NYSE in the Finance sector, with a market capitalization of approximately $4.1B. The 52-week trading range was $19.16 to $26.80. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.