Beatriz Castellví
POPULARAbout Beatriz Castellví
Beatriz Castellví, age 57, is Executive Vice President and Chief Security Officer (Corporate Security Group) at Popular, Inc., overseeing cybersecurity, data privacy, and fraud since May 2018; previously she served as Senior Vice President and General Auditor from November 2012 to April 2018 after various roles over the prior 15 years . During her tenure, Popular delivered a 10% increase in adjusted net income in 2024 ($646.1m GAAP-adjusted) and closed 2024 with BPOP at $94.06, while the 2022-2024 performance share cycle achieved 3-year TSR of 29.1% at the 75.6th percentile and 3-year average ROATCE of 11.88%, resulting in a 122.19% combined payout on the PSU cycle . Popular’s executive program emphasizes pay-for-performance, clawbacks, stock ownership requirements, and risk-balanced incentives tied to net income, ROATCE, transformation milestones, and multi-year TSR/ROATCE LTI metrics .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Popular, Inc. | Executive Vice President, Chief Security Officer | May 2018–present | Leads cybersecurity, data privacy, and fraud; core to operational resilience and risk management |
| Popular, Inc. | Senior Vice President and General Auditor | Nov 2012–Apr 2018 | Strengthened audit and control framework across the enterprise |
| Popular, Inc. | Various roles | ~1997–2012 | Progressive leadership roles supporting governance and risk functions |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Jane Stern Dorado Community Library | Board Member; Chair, Technology Committee | Board: since Jan 2021; Chair: since Mar 2022 | Guides tech initiatives and digital capability for community services |
| Ellevate Puerto Rico Chapter | Executive Council Member; Treasurer | Council: 2013–2024; Treasurer: 2013–Jan 2019 | Leadership in professional women’s network; financial stewardship |
Fixed Compensation
Popular’s proxy discloses fixed and variable pay details for NEOs, but not for Ms. Castellví; no base salary or target bonus % for her is publicly itemized in the DEF 14A . Popular states “No employment or change in control agreements” and “No special executive retirement or severance programs” in its executive program design .
Performance Compensation
Popular’s executive incentive framework applies common corporate metrics and design features across executive officers. While individual targets for Ms. Castellví are not disclosed, the 2024 plan-level outcomes and LTI framework inform incentive alignment.
2024 Short-Term Incentive (Plan-level outcomes)
| Metric | Weight | Target | Actual | Payout (% of target) |
|---|---|---|---|---|
| Adjusted after-tax net income | 35% | $695.1m | $623.3m | 65.57% |
| Adjusted after-tax ROATCE | 15% | 11.10% | 10.00% | 66.97% |
| Strategic transformation milestones | 25% | 100% | 102.0% | 106.67% |
| Individual goals | 25% | Role-specific | Role-specific | Role-specific (not disclosed for Ms. Castellví) |
Notes: STI payouts are capped at 150% of target; thresholds begin at 85% of target performance; NEO targets are 135% (CEO) and 80% (other NEOs), while targets for EVP officers outside NEOs are not disclosed .
Long-Term Incentive (Structure and 2022–2024 PSU cycle)
| Component | Weight | Vesting | Metric | Outcome | Payout |
|---|---|---|---|---|---|
| Performance Shares (PSUs) | 50% | 3-year | Relative TSR vs U.S. banks ($25–$500B assets) | 75.6th percentile | 150% |
| Performance Shares (PSUs) | 50% | 3-year | 3-year average ROATCE | 11.88% vs target 12.25%, threshold 9.0% | 94.38% |
| Combined PSU payout | — | — | — | — | 122.19% |
| Restricted Stock (RS) | 50% | 25% per year over 4 years | Time-based | Not performance-tied; grant sizing varies with prior-year performance | Applies to executive officers |
Design features include dividend equivalents on PSUs, a cap at 100% if absolute TSR is negative, and double-trigger vesting upon change in control .
Equity Ownership & Alignment
| Data point | Detail |
|---|---|
| Beneficial holdings (Form 4) | Sold 3,500 BPOP shares on Nov 6, 2024 at $99.16; post-transaction direct ownership 25,115 shares (−12% ownership change) |
| Award activity (Form 4) | Reported “Award of restricted stock pursuant to Popular, Inc.” on Feb 25, 2025 (exact shares not itemized in the public snippet) |
| Vesting schedule | RS grants vest ratably in equal annual installments over 4 years (or 3 years depending on employee classification); PSUs vest after 3 years; retirement-eligible acceleration applies for RS and PSUs per plan terms (age/service thresholds) |
| Ownership guidelines | Executive officers must hold Popular stock equal to 3x base salary within five years of designation; CEO 6x; directors 5x retainer |
| Hedging/pledging policy | Pledging of Popular securities is prohibited; hedging/monetization transactions are prohibited for executive officers and directors |
Form 4 context: Popular’s 10‑Q notes officers may use Rule 10b5‑1 plans and have shares withheld to cover taxes on vesting; the issuer repurchases may include shares withheld for taxes on vested awards .
Insider transactions detail
| Trade date | Type | Shares (+/−) | Price | Post-trade direct holdings |
|---|---|---|---|---|
| 2024-11-06 | Open-market sale | −3,500 | $99.16 | 25,115 |
| 2025-02-25 | Equity award (restricted stock) | Not disclosed | N/A | Not disclosed (award reported) |
Employment Terms
| Term | Policy/Provision |
|---|---|
| Employment/CoC agreements | Popular states no employment or change-in-control agreements with NEOs; program design indicates no special executive retirement or severance programs |
| Equity vesting on CoC | Double-trigger vesting (requires qualifying termination following change-in-control) |
| Clawback | Compensation Recoupment Policy applies to cash and equity-based incentives for restatements per Rule 10D‑1 and Nasdaq 5608, and misconduct triggers |
| Stock ownership | Execs required to meet 3x base salary ownership; compliance tracked by Committee; NEO compliance disclosed, others not |
| Risk controls | Annual incentive/sales practice risk review with CRO; plan uses thresholds/caps and mix of financial/non-financial metrics |
Investment Implications
- Alignment: Strong linkage to corporate performance via STI (net income, ROATCE, transformation milestones) and LTI PSUs (TSR, ROATCE), plus clawbacks and no pledging/hedging, supports investor alignment and risk discipline .
- Retention risk: RS vesting over 4 years and PSUs over 3 years incentivize tenure; retirement-eligible acceleration reduces forfeiture risk but maintains PSU performance testing; absence of guaranteed severance or tax gross-ups limits entitlements .
- Trading signals: The November 2024 open-market sale of 3,500 shares (−12% of her direct holdings) is a modest selling signal; subsequent reported restricted stock award in Feb 2025 offsets potential overhang, suggesting routine portfolio management rather than sustained selling pressure .
- Performance context: Company-level execution delivered higher adjusted net income in 2024 and strong multi-year TSR/ROATCE outcomes; as CSO overseeing cyber/privacy/fraud, her domain supports operational resilience crucial for bank valuation and risk premia .
- Governance quality: High say-on-pay approval (95.6%), independent comp consultant, peer benchmarking, and prohibition of speculative transactions indicate robust governance—positive for pay discipline and capital markets confidence .