Luz Crespo
FIRST BANCORP /PR/About Luz A. Crespo
Independent director of First BanCorp. since February 2015; age 67. Former Hewlett‑Packard Puerto Rico executive with 32 years of leadership across manufacturing operations, supply chain, and Latin America go‑to‑market; currently CEO of the Puerto Rico Science, Technology and Research Trust (since March 2015), whose program was designated a U.S. EDA Tech Hub in Biosciences in 2023 . She brings IT risk, cybersecurity governance, and operational expertise to the Board .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Hewlett‑Packard Puerto Rico (PRMO) | General Manager, Enterprise Business Division | 1981–2013 | Led PR manufacturing operations; provided supply chain support to Europe/Mexico; managed Latin‑American Unix operation (sales, marketing, customer experience) |
| Puerto Rico Manufacturing Association | President | 2000–2002 | Industry leadership; later served on PRMA Board Nominating Committee (2003–2013) |
| PR Government Manufacturing Advisory Board (Governor Fortuño) | Member | 2011–2013 | Manufacturing policy advisory |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Puerto Rico Science, Technology and Research Trust | Chief Executive Officer | Mar 2015–present | Entity designated a U.S. EDA Tech Hub in Biosciences in 2023 |
No other public company directorships disclosed for Ms. Crespo .
Board Governance
- Independence: The Board determined Ms. Crespo is independent under NYSE/SEC and company Independence Principles .
- Committees (current): Compensation & Benefits Committee (member), Risk Committee (member), Audit Committee (member) .
- Board attendance: Board met 9 times in FY2024; each director attended 100% of Board meetings; all nine directors attended the 2024 annual meeting .
- Committee engagement: Each current director participated in at least 75% of meetings of the committees on which they served in FY2024. FY2024 committee meeting counts: Compensation (4), Risk (9), Audit (17) .
- Executive sessions: Independent directors regularly hold executive sessions after Board meetings .
- Stock ownership guidelines: Directors must hold common stock valued at 4× Annual Retainer; all directors are in compliance as of filing .
- Hedging/pledging policy: Directors and executive officers are prohibited from pledging shares, short‑selling, margin accounts, or hedging/speculative trading in company securities .
Fixed Compensation
| Component | FY2024 Amount | Notes |
|---|---|---|
| Annual cash fees | $110,000 | Fees earned/paid in cash |
| Stock awards | $40,000 | Restricted stock; grant effective Sep 30, 2024; fair value per ASC 718 |
| Other compensation | $189 | Life insurance premium paid by the Corporation |
| Total | $150,189 | Sum of above |
2025 director pay structure (effective Jan 1, 2025; excluding non‑management Chair): $115,000 total per director, comprising $75,000 Annual Retainer (cash) and $40,000 annual restricted stock; plus committee retainers: Audit (member $10,000; chair $25,000), Risk (member $10,000; chair $25,000), Compensation (member $6,500; chair $15,000), Governance (member $5,000; chair $12,500), Asset/Liability (member $6,000; chair $15,000). Restricted stock has a 12‑month vesting period .
Performance Compensation
| Instrument | Grant Date | Fair Value | Vesting | Performance Metrics |
|---|---|---|---|---|
| Restricted stock | Sep 30, 2024 | $40,000 | 12 months | None disclosed; director equity is time‑based, not performance‑conditioned |
No options, PSUs, or performance‑linked director awards disclosed for Ms. Crespo .
Other Directorships & Interlocks
| Item | Status |
|---|---|
| Current public boards | None disclosed for Ms. Crespo |
| Compensation Committee interlocks | None. FY2024 Compensation Committee members were Roberto R. Herencia (Chair), Juan Acosta Reboyras, Luz A. Crespo, Patricia M. Eaves; no executive served on a board/compensation committee that included any of these directors |
Expertise & Qualifications
- 32 years of HP operational leadership including global supply chain, Latin America sales/marketing, and customer experience—valuable for consumer/corporate banking operations and process oversight .
- IT and cybersecurity risk management expertise; contributes to governance over IT‑related risks and cybersecurity oversight .
- Local market knowledge via PRMA leadership and PR public sector advisory experience .
Equity Ownership
| Metric | Value |
|---|---|
| Total beneficial ownership (shares) | 60,646 |
| Ownership as % of shares outstanding | ~0.037% (60,646 / 163,126,093) |
| Restricted stock outstanding (as of 12/31/2024) | 1,889 shares |
| Unvested vs. vested breakdown | Unvested restricted: 1,889; Vested (computed): 58,757 |
| Pledged shares | Prohibited by policy; no pledging disclosed |
| Director ownership guideline | 4× Annual Retainer; Ms. Crespo in compliance (all directors in compliance) |
Governance Assessment
- Strengths for investor confidence: Independent director; serves on Audit and Risk committees (core risk/controls oversight); robust attendance; alignment via equity plus strict anti‑hedging/anti‑pledging policies; director ownership guideline met .
- Compensation balance: Modest cash retainer plus time‑based restricted stock; no meeting fees; no director options; structure refined via Pearl Meyer review in Dec 2024; supports independence and alignment without undue risk .
- Conflicts/related‑party review: No related‑person transactions over $120,000 in FY2024; transactions with insiders (if any) occurred on market terms per Regulation O and policy; ongoing quarterly/annual oversight by Audit Committee .
- RED FLAGS: None disclosed for Ms. Crespo regarding low attendance, related‑party exposure, pledging/hedging, or committee interlocks .