Sep. 28, 2009 (Business Wire) -- First BanCorp (the “Corporation”) (NYSE: FBP) announced today the appointment of Mr. Aurelio Alemán, currently Senior Executive Vice-President and Chief Operating Officer, as President and Chief Executive Officer of the Corporation. Mr. Alemán succeeds Mr. Luis M. Beauchamp who led the Corporation from 2005 until now. The Board of Directors also elected Mr. José Menéndez-Cortada, currently Lead Independent Director, as Non-Executive Chairman of the Board of the Corporation. Both of these appointments will take effect today.
Mr. Luis M. Beauchamp informed the Board of Directors of his resignation, effective today, after more than 19 years of service to the Corporation. The Board of Directors accepted Mr. Beauchamp’s resignation following a recent internal review by the Corporation’s Audit Committee into certain personal transactions that Mr. Beauchamp failed to report to the Corporation in accordance with the Corporation’s policies and procedures. The Board of Directors concluded that these personal matters would have no impact on the Corporation’s financial condition, results of operations, cash flow or business.
Mr. Alemán commented on his appointment, “I accept this challenge and responsibility with great enthusiasm and commitment. While much hard work lies ahead, we at First BanCorp have an experienced and dedicated team of talented and seasoned executives to successfully achieve our corporate goals. Our priority and focus at this time is to continue to enhance shareholder value by improving asset quality, returning to profitability, maintaining a strong capital position and continuing to fortify our leadership position and franchise. I look forward to working hand-in-hand with the First BanCorp team as we together continue the FirstBank journey that commenced over sixty years ago.”
Aurelio Alemán joined First BanCorp in 1998. During his eleven years at the Corporation, Mr. Alemán has assumed multiple leadership roles, including most recently, the position of Chief Operating Officer (COO) since 2005. Mr. Alemán has served as a director of the Corporation since 2005. He has also served as a member of the Corporation’s Credit Committee since 1998 and the Corporation’s Asset/Liability Committee since 2005. Mr. Alemán is also director of the Corporation’s subsidiaries, including; FirstBank Puerto Rico, First Leasing & Rental Corporation, First Federal Finance Corporation, FirstBank Insurance Agency, Inc., First Insurance Agency, Inc., FirstExpress, Inc., FirstMortgage, Inc., Grupo Empresas Servicios Financieros, Inc., FirstBank Overseas Corp., First Management of Puerto Rico, Inc. and FirstBank Puerto Rico Securities Corp. Before joining the Corporation, he held positions as officer at both Citibank, N. A. and Chase Manhattan Bank, NA. Mr.
