Alejandro M. Sánchez
POPULARAbout Alejandro M. Sánchez
Independent director of Popular, Inc. since 2023; age 67. Background spans 30+ years in banking policy and advocacy, including CEO Emeritus of the Florida Bankers Association, and leadership of a financial services advisory firm; currently Executive Advisor to Nasdaq. Legal training and U.S. Air Force veteran credentials underpin regulatory fluency and board oversight; tenure on BPOP’s board is ~2 years as of the 2025 proxy .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Florida Bankers Association | President & CEO (1998–Nov 2023); CEO Emeritus (Nov 2023–) | 1993–2023 (SVP 1993–1998; CEO 1998–2023); Emeritus since Nov 2023 | Led industry advocacy before state and federal regulators; built policy relationships |
| Export-Import Bank of the U.S. | Advisory Committee Member | Jul 2019–Sep 2021 | Informed export finance policy |
| Federal Retirement Thrift Investment Board | Board Member | Nov 2002–Nov 2011 | Oversight of federal retirement plan governance |
External Roles
| Organization | Role | Start Date | Notes |
|---|---|---|---|
| Salva Financial Group of Florida | President & CEO | Jan 2024 | Financial services consulting/advisory firm |
| Nasdaq, Inc. | Executive Advisor | Feb 2024 | Strategic advisory capacity |
| Republic Bancorp, Inc. (public) | Director | Apr 2024 | Current public company directorship |
| Apalachee Center Hospital, Inc. | Director | Since Mar 2022 | Behavioral health treatment center |
| University of Edinburgh Business School | Honorary Professor | Dec 2024 | Academic recognition |
Board Governance
| Attribute | Details |
|---|---|
| Independence | Independent director under Nasdaq standards |
| Committees | Audit Committee member; Talent and Compensation Committee member (both committees entirely independent) |
| Committee activity | Audit Committee met 11 times in 2024; Talent & Compensation met 5 times |
| Financial expert designation | Audit Committee financial experts: Rodríguez, Diercksen, Goodwin (not Sánchez) |
| Attendance | Board met 11 times in 2024; each director attended ≥89% of Board and committee meetings; all directors attended the 2024 annual meeting |
| Executive sessions | Independent directors met in executive session at least twice; in 2024 they met 5 times |
| Lead Independent Director | Transition from Diercksen to Ferré effective May 8, 2025 (context for independent oversight) |
Fixed Compensation (Director)
| Component | 2024 Amount | Structure/Notes |
|---|---|---|
| Annual cash retainer | $75,000 | Paid in cash or equity at director’s election |
| Annual equity grant | $125,000 | RSUs or common stock; Sánchez elected common stock |
| Committee chair fees | $0 | Not a chair; Audit/Risk chair $30k; T&C/CGN chair $20k |
| Chairman retainer | $0 | Chairman receives $150k (applies to Carrión) |
| Meeting fees | $0 | Not part of program |
| 2024 total (reported) | $200,000 | Fees $75,000; Stock awards $125,000 |
| 2025 Program Changes (effective at 2025 annual meeting) | New Amount |
|---|---|
| Annual cash retainer | $85,000 |
| Annual equity grant | $135,000 |
| Lead Independent Director equity grant | $35,000 |
| Audit/Risk chair retainer | $35,000; T&C/CGN chair $25,000 |
| Equity vesting | One-year anniversary of grant (vs. immediate vesting in 2024 structure) |
Performance Compensation
- Non-employee director compensation is fixed retainer + equity; no performance metrics (TSR/ROATCE) are applied to director pay. Equity can be taken as RSUs (with dividend equivalents) or common stock; Sánchez elected common stock in 2024 .
Other Directorships & Interlocks
| Company | Industry | Role | Interlock/Conflict Considerations |
|---|---|---|---|
| Republic Bancorp, Inc. | Regional banking | Director (since Apr 2024) | Same-sector exposure; no BPOP Item 404 related-party conflicts disclosed for Sánchez; watch for information flow across banks |
- Talent & Compensation Committee interlocks: none; members were independent and no cross-compensation committee interlocks with other companies in 2024; Item 404 relationships only involved Ballester (not Sánchez) .
Expertise & Qualifications
- Regulatory and policy expertise from decades leading Florida Bankers Association; service on EXIM advisory and federal retirement board .
- Legal training; U.S. Air Force veteran; banking industry advocacy in state and federal arenas .
- Brings “deep knowledge of the banking industry and the regulatory environments in which Popular operates” and political insight; complements Audit and Compensation oversight roles .
Equity Ownership
| Metric | Value | Notes |
|---|---|---|
| Total beneficial ownership (shares) | 3,507 | As of March 11, 2025 |
| Shares outstanding | 69,338,987 | As of record date March 11, 2025 |
| Ownership % of outstanding | ~0.005% | 3,507 / 69,338,987 (derived from ) |
| Instrument mix | Common stock; no RSUs listed outstanding for Sánchez | He elected common stock for 2024 grant; RSU outstanding table does not include Sánchez |
| Pledging/Hedging | Prohibited for directors; policy in effect | Corporate Governance Guidelines ban pledging and hedging |
| Stock ownership guideline | 5x annual retainer within 3 years | Applies to all directors |
| Compliance status | Directors are in compliance or on track | Board-wide statement (individual status not broken out) |
Alignment signal: Director equity grant plus ownership guideline and hedging/pledging prohibition support alignment with shareholders .
Governance Assessment
- Committee assignments and independence: Sánchez serves on Audit and Talent & Compensation—two high-scrutiny committees fully composed of independent directors; however, he is not designated an Audit “financial expert,” so technical accounting depth relies on Rodríguez/Goodwin within Audit .
- Engagement and attendance: Board met 11 times; directors attended ≥89% of Board and committee meetings; independent directors held executive sessions 5 times—indicates active oversight cadence .
- Compensation alignment: Director pay is primarily retainer + equity; Sánchez opted for common stock rather than RSUs, improving immediacy of economic exposure; revised 2025 program raises cash/equity while adding one-year vesting on equity—modestly stronger retention while maintaining alignment .
- Conflicts and related-party exposure: No Item 404 related-party transactions disclosed for Sánchez; Compensation Committee interlocks explicitly noted as none (except Ballester’s separate relationship). Pledging/hedging prohibited; strong clawback regime exists for executives (board-level policy oversight) .
- External directorship risk: Service on Republic Bancorp’s board brings same-sector exposure; monitor for potential informational interlocks or time-commitment constraints, though BPOP’s governance imposes limits on total board service (≤4 public boards for non-CEO directors) which mitigates overload risk .
Red flags to monitor:
- Same-sector external board (Republic Bancorp) could create perceived interlocks; continue to verify absence of related-party transactions and ensure adherence to board service limits .
- Not an Audit financial expert—ensure Audit Committee composition retains sufficient accounting expertise (currently covered by Rodríguez/Goodwin) .
Positive signals:
- Strong independence; high meeting cadence and executive sessions; no related-party transactions; equity-based director compensation with ownership guidelines and prohibition on pledging/hedging—all supportive of investor confidence .
Sources: BPOP 2025 DEF 14A (Proxy Statement)