Company: BPOPM
Filing Date: 2025-03-25
Form Type: DEF 14A
Source: 0001140361-25-010189
Chunk: 10

Company: POPULAR, INC.
Filing Date: 2025-03-25
Form: DEF 14A
Chunk 10
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 On February 25, 2025, Mr. Alvarez announced his retirement as CEO of Popular, effective June 30, 2025, and informed the Corporate Governance and Nominating Committee of the Board of his decision not to stand for

CORPORATE GOVERNANCE DIRECTORS AND EXECUTIVE OFFICERS | 11

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re-election to the Corporation’s Board upon the expiration of his current term, which expires at the Corporation’s 2025 Annual Meeting of Shareholders, as a result of his voluntary retirement as CEO. On February 26, 2025, Javier D. Ferrer, the Corporation’s current President and Chief Operating Officer, was appointed President and CEO of the Corporation, effective July 1, 2025. Historically, the Board has appointed the CEO as a member of the Board. The Board believes that its present structure provides Popular and the Board with strong and objective leadership, effective engagement with and oversight of management, and continuity of experience. As a highly regulated financial services provider, Popular and our shareholders benefit from having a Chairman with deep experience and leadership in and knowledge of the financial services industry, our company, its businesses and our markets. Popular’s Corporate Governance Guidelines require the designation of a Lead Independent Director when the Chairman of the Board is not an independent director. If a Lead Independent Director is to be designated, the independent members of the Board elect amongst themselves a Lead Independent Director, a position currently occupied by Mr. Diercksen since January 2020. On February 25, 2025, Mr. Diercksen informed the Corporate Governance and Nominating Committee of the Board of his decision not to stand for re-election to the Corporation’s Board upon the expiration of his current term, which expires at the Corporation’s 2025 Annual Meeting of Shareholders, after having reached the mandatory director retirement age contemplated in the Corporation’s Corporate Governance Guidelines. Upon Mr. Diercksen’s retirement, the independent members of the Board elected Ms. Ferré as the Corporation’s Lead independent Director, effective May 8, 2025. The Corporate Governance Guidelines provide that the Lead Independent Director has the following responsibilities: Lead Independent Director Responsibilities

| Be available for consultation and direct communication upon request of major shareholders.                                                                                                                                                                                       |
| Call meetings of independent directors and preside over executive sessions of the independent directors.                                                                                                                                                                         |
| Act as liaison between the independent directors and the Chairman.                                                                                                                                                                                                               |
| Assist the other independent directors by ensuring that independent directors