Patricia Eaves
FIRST BANCORP /PR/About Patricia M. Eaves
Independent director since March 2021; age 65. Over 35 years of telecommunications leadership across Puerto Rico, USVI, and BVI, with senior roles in sales, marketing, customer experience, and growth at Sprint Puerto Rico. Brings deep consumer insights and commercial execution expertise valuable to FBP’s retail and digital strategy .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Sprint Puerto Rico | Chief Commercial Officer | 1995–2019 | Led marketing, sales, customer experience; delivered financial growth and strategic transformations |
| Sprint Puerto Rico | Director of Sales & Marketing | 1990–1994 | Directed advertising, product/pricing strategies; built high-performance teams |
| Communications/media firms (PR) | Sales/Marketing roles | Pre-1990s | Strengthened market-facing capabilities |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Entrepreneur/non-profit organizations (Puerto Rico) | Contributor/participant | Ongoing | Active involvement (specific entities not disclosed) |
Board Governance
- Committees: Compensation & Benefits Committee (member) and Corporate Governance & Nominating Committee (member). Not a committee chair .
- Independence: Determined independent under FBP Independence Principles/NYSE/SEC standards .
- Attendance and engagement: Board met nine times in 2024; all directors, including Eaves, participated in 100% of Board meetings. Directors attended the 2024 annual meeting. Directors participated in ≥75% of committee meetings of committees on which they served in 2024; Compensation met 4x, Governance met 3x .
- Ownership alignment: Directors must hold Common Stock equal to 4x the annual retainer within five years; as of the proxy, all directors are in compliance. Hedging or pledging FBP securities is prohibited for directors .
- Related party oversight: No related-person transactions >$120,000 in 2024; insider loans must be ordinary-course with market terms; Audit Committee reviews/approves related party transactions under policy .
- Compensation committee practices: Uses independent consultant (Pearl Meyer); Compensation Committee determined no conflicts of interest; oversight includes risk reviews and clawbacks .
Fixed Compensation
| Component | Amount ($) | Detail |
|---|---|---|
| Annual Retainer (cash) | 75,000 | Paid monthly; base for non-management directors |
| Committee Membership Fees (Compensation) | 6,500 | Member retainer for Compensation Committee |
| Committee Membership Fees (Governance) | 5,000 | Member retainer for Governance Committee |
| Cash Fees Total (2024) | 86,500 | Matches Director Summary Compensation Table for Eaves |
| All Other Compensation | 189 | Life insurance premium portion |
| Director Cash + Other (2024) | 86,689 | Summation consistent with reported line items |
Performance Compensation
| Equity Instrument | Grant Date | Grant Value ($) | Shares/Structure | Vesting |
|---|---|---|---|---|
| Restricted Stock (Annual Director Grant) | 2024-03-31 | 40,000 | Annual director restricted stock (not performance-based) | 12-month vest from grant |
| Unvested RS held (as of 2024-12-31) | — | — | 2,280 shares | Per award schedule |
- No options granted to directors; FBP does not grant options broadly .
- No disclosed performance metrics tied to director equity; awards are time-based (restricted stock) .
Other Directorships & Interlocks
| Category | Status |
|---|---|
| Current public company boards (besides FBP) | None disclosed for Eaves |
| Compensation committee interlocks | None reported for 2024 (committee includes Eaves) |
| Shared directorships with competitors/suppliers/customers | Not disclosed |
Expertise & Qualifications
- Consumer-market and telecom expertise; 35+ years in marketing/sales leadership across Puerto Rico and Caribbean .
- Proven growth and transformation execution; financial acumen aligning sales initiatives with profitability .
- Board-specified qualifications: Puerto Rican consumer insight, telecom/media sector knowledge, large-team leadership with operational efficiency focus .
Equity Ownership
| Measure | Value |
|---|---|
| Total beneficial ownership | 18,130 shares; <1% of outstanding |
| Restricted stock included in beneficial ownership | 2,280 shares (subject to vesting/forfeiture per plan) |
| Ownership guideline compliance | In compliance with Director Stock Ownership Guidelines (4x retainer) |
| Anti-pledging/hedging status | Pledging/hedging prohibited for directors under policy |
Insider Trades
| Date | Transaction | Shares | Price | Value | Source |
|---|---|---|---|---|---|
| 2022-02-11 | Open-market acquisition | 5,950 | ~$15.11 | ~$89,905 |
Note: Director equity grants are reported on Form 4; the 2024 annual restricted stock grant was $40,000 for Eaves (see Director Summary Compensation Table), with a 12-month vest, consistent across directors .
Governance Assessment
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Strengths
- Independence, 100% Board meeting attendance in 2024, and service on governance/pay committees signal robust engagement and oversight .
- Strong ownership alignment: compliance with 4x retainer stock guideline; hedging/pledging prohibited .
- No related-party transactions involving directors above threshold in 2024; clear audit and related-party policies .
- Compensation practices incorporate clawbacks and independent consulting, reducing pay-risk and conflict concerns .
-
Watch items
- None disclosed specific to Eaves; overall committee meeting frequencies and ≥75% participation thresholds are met, but individual committee attendance percentages by director are not itemized publicly .
- Continued monitoring of director time commitments and potential overboarding is good practice, though disclosure flagged the Chair’s multi-board service, not Eaves .
-
Shareholder sentiment
- Say-on-pay support of 95.09% (2024) indicates broad investor confidence in compensation governance framework overseen by the Compensation Committee (of which Eaves is a member) .