First BanCorp (the “Corporation”) (NYSE:FBP) today announced the
appointment, effective May 11, 2009, of Mr. Orlando Berges as Executive
Vice President of the Corporation and who will succeed Mr. Fernando
Scherrer, currently Executive Vice President and Chief Financial
Officer. Mr. Scherrer, who has led the Corporation’s finance function
since July 2006, has informed the Corporation of his intention to resign
effective approximately July 31, 2009.
Mr. Berges joins the Corporation with over 30 years of experience in the
financial, administration, public accounting and business sectors. Prior
to joining the Corporation, Mr. Berges served as Executive Vice
President of Administration of Banco Popular de Puerto Rico. He has been
responsible for supervising the finance, operations, real estate, and
administration functions in both Puerto Rico and U.S. markets. Mr.
Berges also served as Executive Vice President and Chief Officer for
Financial, Operations and Administration of Banco Popular North America,
and as Regional Manager of a branch network of Banco Popular de Puerto
Rico. Mr. Berges is a Certified Public Accountant and a member of the
American Institute of Certified Public Accountants and of the Puerto
Rico Society of Certified Public Accountants. He holds a Bachelor’s
Degree in Business Administration with a concentration in accounting
from the University of Puerto Rico.
Mr. Berges will report directly to Luis M. Beauchamp, Chairman and Chief
Executive Officer of First BanCorp. “We are very pleased to have Orlando
join our executive team. We welcome his extensive knowledge of financial
systems and markets, and impressive professional achievements.
Throughout his career, Orlando has demonstrated successful leadership
and accomplishments in various corporate functions. I look forward to
working closely with Orlando and anticipate his excellent contributions
in assisting the Corporation to accomplish its strategic objectives in
the years ahead,” said Mr. Beauchamp.
Mr. Scherrer joined the Corporation in 2006, in times of great
challenges, to manage the restatement process and the reorganization of
the accounting and finance functions. Mr. Beauchamp commented on Mr.
Scherrer’s pending departure, “We understand Fernando’s desire to return
to the private practice as a business and accounting consultant. His
individual accomplishments at First BanCorp have been far too many to
recite; he has played key roles in corporate finance, strategic business
planning and investor relations. Fernando will continue in his current
position through the end of July 2009 and will work closely with Orlando
to ensure a smooth and orderly transition of the CFO responsibilities.
We wish Fernando all the best in his future endeavors, and we extend to
him our deepest gratitude for his commitment to the Corporation.”
Mr.
