María Cristina González
POPULARAbout María Cristina González
María Cristina (MC) González is Executive Vice President and Chief Communications and Public Affairs Officer at Popular, Inc. (BPOP), a role she has held since April 2021; she was age 50 at the time of the 2025 proxy and previously served as SVP of Global Public Affairs at The Estée Lauder Companies (2016–2021) and as Director of Communications to First Lady Michelle Obama and Special Assistant to President Barack Obama (2013–2015) . During her tenure, BPOP’s 2024 GAAP net income was $614.2M (+10% YoY on an adjusted basis to $646.1M) and its 2022–2024 performance share unit (PSU) cycle paid at 122.19% of target driven by 29.1% 3‑year TSR (75.6th percentile) and 11.88% 3‑year average ROATCE . Executive incentive design emphasizes pay-for-performance with STI based on Net Income, ROATCE, strategic transformation milestones, and individual goals, and LTI split between PSUs (TSR and ROATCE over 3 years) and time-vested restricted stock (25% annually over 4 years) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| The Estée Lauder Companies, Inc. | Senior Vice President, Global Public Affairs | 2016–2021 | Led global public affairs; large-cap, brand/reputation stewardship experience relevant to financial services stakeholder engagement . |
| The White House | Director of Communications to First Lady; Special Assistant to the President | 2013–2015 | High-stakes communications leadership; policy and public sector stakeholder management . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Televisa‑Univision Communications, Inc. | Director (Board Member) | Since Nov 2020 | Leading Hispanic media company; ongoing board seat . |
| UnidosUS | Director (Board Member) | 2016–Jun 2022 | Largest Latino civil rights and advocacy organization in the U.S. . |
| Popular, Inc. | EVP & Chief Communications & Public Affairs Officer | Since Apr 2021 | Listed as EVP and Chief Communications & Public Affairs Officer and media contact in 2025 8‑K . |
Fixed Compensation
- Individual compensation for MC González is not disclosed in BPOP’s proxy because compensation tables cover Named Executive Officers (NEOs) only; she is presented among executive officers but not as an NEO in the Summary Compensation Tables .
- Program-level features (apply to executive officers), without individual figures:
- No employment or change-in-control agreements; no special executive retirement or severance programs; limited perquisites .
- Prohibition on hedging and pledging of company securities .
- Clawback policy compliant with SEC Rule 10D‑1/Nasdaq 5608 covering restatements and executive misconduct .
- Equity award grant procedures standardize timing (February committee meeting for executive officers) and BPOP has not granted options since 2005 .
Performance Compensation
Short‑Term Incentive (STI) – 2024 Design and Outcomes
| Component | Weight | Target Definition | 2024 Target | 2024 Actual | Payout as % of Target |
|---|---|---|---|---|---|
| Corporate Net Income | 35% | GAAP after‑tax adjusted NI | $695.1M | $623.3M (89.67% of target) | 65.57% |
| ROATCE (adjusted) | 15% | Annual adjusted ROATCE | 11.10% | 10.00% (90.09% of target) | 66.97% |
| Strategic Transformation | 25% | Milestones across growth/expense, CX (NPS), employee engagement, digital/data/tech | — | Overall achievement 102.0% | 106.67% |
| Individual Goals | 25% | Role‑based quantitative/qualitative objectives | — | Executive‑specific | Committee‑determined |
Notes:
- STI payouts range from 0% to 150% of target by component; threshold is 85% of target performance; design applies to executive officers including MC González, though her specific payout is not disclosed (non‑NEO) .
Long‑Term Incentive (LTI) Structure and Recent PSU Results
| LTI Element | Weight | Metrics/Terms | Performance Window | Result |
|---|---|---|---|---|
| Performance Share Units (PSUs) | 50% | 50% Relative TSR vs U.S. banks ($25B–$500B assets); 50% Absolute ROATCE; payout 0%–150% | 2022–2024 | TSR 29.1% at 75.6th percentile → 150%; ROATCE 3‑yr avg 11.88% → 94.38%; combined PSU payout 122.19% of target (plus dividend equivalents) . |
| Restricted Stock (time‑based) | 50% | 4‑year pro‑rata vesting (25% annually) | 4 years from grant | Ongoing; promotes ownership/retention . |
Additional terms:
- Equity grants to executive officers occur at the Committee’s February meeting under a standardized policy; no options granted since 2005, reducing leverage‑driven risk .
Equity Ownership & Alignment
- Stock ownership requirements: BPOP requires significant ownership by executive officers; CEO at 6x base salary and other NEOs at 3x base salary (policy states requirement for executive officers with explicit multiples disclosed for NEOs) .
- Hedging/pledging: Executive officers are prohibited from hedging and pledging Popular securities; policy explicitly bans zero‑cost collars, forwards, short sales, swaps, options, and other derivatives .
- Clawback: Cash and equity incentives subject to recoupment for restatements and defined misconduct triggers (e.g., willful violations causing material harm, breaches of policy, disclosure of trade secrets, fraud/dishonesty) .
- Individual share ownership: The 2025 beneficial ownership table lists directors/NEOs; MC González is not enumerated individually (non‑NEO); the table aggregates all directors/NEOs/executive officers as a group at 1,545,834 shares (2.23% of outstanding) as of March 11, 2025 .
Employment Terms
- No employment or change‑in‑control agreements are provided to executive officers; equity vests on a “double trigger” (requires a qualifying termination following a change in control) .
- No tax gross‑ups and no special executive retirement or severance programs; perquisites are limited (e.g., company vehicle use, security for CEO, event tickets) .
- Equity award grant procedures mitigate timing risks and codify grant dates (February for executive officers), which also pinpoints recurring vesting/sale windows that could create episodic selling pressure around vesting anniversaries .
Performance & Track Record
| Metric | Period | Outcome |
|---|---|---|
| GAAP Net Income | FY2024 | $614.2M; adjusted $646.1M (+10% YoY vs 2023), driven by higher NII; offset by higher provision and opex; FDIC special assessment adjustment considered for incentives . |
| 3‑Year TSR | 2022–2024 PSU cycle | 29.1% TSR at 75.6th percentile → PSU TSR component paid at 150% . |
| 3‑Year Average ROATCE | 2022–2024 PSU cycle | 11.88% → PSU ROATCE component paid at 94.38% . |
| Total PSU Payout | 2022–2024 PSU cycle | 122.19% of target (plus dividend equivalents) . |
MC González leads communications/public affairs amid BPOP’s multi‑year transformation, which advanced in 2024 through cloud modernization, new digital/data foundations, and new platforms for commercial and retail customers; strategic progress informs STI “Strategic Performance” scoring (102.0% in 2024) .
Compensation Structure Analysis
- Cash vs equity mix: Executive pay mix is heavily at‑risk; for 2024, 81% of CEO target and ~66% for other NEOs was performance‑based; design applies across executive ranks, supporting alignment with shareholders .
- Shift in vehicles: No options since 2005; LTI delivered via PSUs and restricted stock (lower risk than options), reinforcing retention and long‑term focus .
- Performance rigor: STI uses diversified metrics (Net Income, ROATCE, transformation milestones, individual goals) with thresholds/caps; PSU metrics blend relative TSR and absolute ROATCE; clawback overlays risk control .
- Ownership alignment: Stock ownership requirements and strict anti‑hedging/pledging policies strengthen alignment and reduce agency risk .
Risk Indicators & Red Flags
- Hedging/pledging: Prohibited for executive officers (mitigates misalignment) .
- Tax gross‑ups: Not provided (shareholder‑friendly) .
- Severance/golden parachutes: No special executive severance programs; double‑trigger vesting only (limits windfalls) .
- Option repricing: Not applicable—no options since 2005 .
- Related party transactions: None disclosed for MC González; executive officers generally covered under related‑party disclosure, but no item noted for her in 2025 proxy .
Performance Compensation – Detailed Table (Design Applies to Executive Officers)
| Metric | Weight | Target | Actual | Payout (% of Target) | Vesting/Notes |
|---|---|---|---|---|---|
| Corporate Net Income (Adjusted) | 35% | $695.1M | $623.3M | 65.57% | STI cash component for 2024; applies plan‑wide . |
| ROATCE (Adjusted) | 15% | 11.10% | 10.00% | 66.97% | STI cash component for 2024 . |
| Strategic Transformation | 25% | Program milestones | 102.0% achievement | 106.67% | STI cash component; common factor for executives . |
| Individual Goals | 25% | Pre‑set per role | Committee assessment | Varies by executive | STI cash; not individually disclosed for MC González . |
| PSU – Relative TSR | 50% of PSU | Industry percentile | 75.6th percentile | 150% | Earned at max for 2022–2024 PSU cycle . |
| PSU – Absolute ROATCE | 50% of PSU | 12.25% target | 11.88% (3‑yr avg) | 94.38% | 2022–2024 PSU cycle; combined PSU 122.19% . |
| Restricted Stock | 50% of LTI | Time‑based | 25% per year | N/A | 4‑year pro‑rata vesting; grant timing in February . |
Equity Ownership & Alignment – Policy Snapshot
| Policy Element | Requirement/Status |
|---|---|
| Stock Ownership | Significant ownership required; CEO at 6x salary; other NEOs at 3x salary; policy states requirement for executive officers . |
| Hedging/Pledging | Prohibited for executive officers (zero‑cost collars, forwards, shorts, swaps, options, derivatives) . |
| Clawback | Applies to cash and equity incentives for restatements and misconduct; compliant with Rule 10D‑1/Nasdaq 5608 . |
| Equity Grants | Standardized timing (February committee meeting); no options since 2005 . |
Employment Terms
| Term | Detail |
|---|---|
| Employment / CIC Agreements | None for executive officers; double‑trigger vesting upon CIC . |
| Severance | No special executive retirement or severance programs . |
| Perquisites | Limited; examples include company vehicle use, CEO security, event tickets . |
Investment Implications
- Alignment and risk controls: Absence of employment/CIC agreements, explicit double‑trigger vesting, strict anti‑hedging/pledging, and a robust clawback indicate shareholder‑friendly governance and reduce misalignment and tail‑risk around incentives .
- Performance linkage: Incentives tied to Net Income, ROATCE, and transformation execution create tangible links between pay and operating/strategic outcomes; the 2022–2024 PSU payout at 122.19% reflects solid TSR and ROATCE delivery through a full rate cycle .
- Trading/vesting overhang: Executive equity grants are made in February with restricted stock vesting annually over 4 years, implying recurring Q1/Spring vesting windows that can produce modest, predictable selling pressure as awards settle and executives rebalance holdings .
- Transparency caveat: As a non‑NEO, MC González’s specific pay and holdings are not individually disclosed in the proxy, limiting precision on her personal ownership and realized incentive outcomes; nonetheless, she is covered by the same ownership, clawback, and anti‑hedging/pledging frameworks as executive officers .