Mari Evelyn Rodríguez
About Mari Evelyn Rodríguez
Mari Evelyn Rodríguez is OFG Bancorp’s Chief Retail Banking Officer (since 2023), age 54, leading small business, residential mortgage, and auto lending growth; prior roles include CEO of Marsh McLennan’s Puerto Rico office (2017–2023) and senior banking roles at OFG and other Puerto Rico institutions; education: BA Harvard University and MBA University of Michigan Ross School of Business . Company performance during 2024: diluted EPS rose to $4.23 (from $3.83), core revenues to $709.6M (from $682.7M), and tangible book value to $25.43 per share, while the value of a $100 investment reached $202.10 vs. peer group $143.68 . She is compliant with OFG’s stock ownership policy with qualifying common stock valued at $818,019, equal to 2.23x her compensation multiple, above her 1.00x minimum requirement .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Marsh McLennan (Puerto Rico) | Chief Executive Officer | 2017–2023 | Drove significant growth; led post–Hurricane Maria response |
| OFG Bancorp | Senior Vice President, Commercial Banking | 2008–2013 | Commercial banking leadership; contributed to portfolio development |
| Puerto Rico financial institution (unnamed) | Senior Vice President | 2013–2016 | Senior leadership; retail/commercial strategy execution |
| Verizon Wireless; Banco Popular; Advent-Morro Capital Partners | Various roles (early career) | Not disclosed | Foundation in telecom, banking, and private equity |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Coalición Legal para Puerto Rico | Board Vice President | Not disclosed | Non-profit governance and community impact |
| Colegio Puertorriqueño de Niñas | Board Member | Not disclosed | Education-focused non-profit governance |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $234,231 | $367,500 |
| Target Bonus (%) | 50% | 50% |
| Target Bonus ($) | $175,000 | $183,750 |
| Actual Performance Bonus ($) | $244,500 | $202,700 |
| All Other Compensation ($) | $11,506 | $31,930 (includes $20,000 personal expenses and insurance premiums) |
Performance Compensation
| Metric | Weight | % of Target Achieved | Score |
|---|---|---|---|
| Market Share Operating Income 1 | 10 | 100.61% | 10.06 |
| Market Share Operating Income 2 | 10 | 100.04% | 10.00 |
| Deposit Growth | 15 | -16.10% | 0.00 |
| Customer and Digital Adoption | 20 | 174.70% | 34.94 |
| Texas Ratio | 15 | 114.54% | 17.18 |
| Efficiency Ratio | 30 | 100.52% | 30.16 |
| Total | — | — | 102.34 |
| Executive | Bonus Basis | Performance Score | Performance Bonus ($) | Other Bonus ($) |
|---|---|---|---|---|
| Mari Evelyn Rodríguez | Company scorecard × business unit adj. (90%) + individual (10%) | 108.66 | $202,700 | — |
| Long-Term Incentive Component | Grant Date | Grant Value ($) | Units | Vesting / Performance |
|---|---|---|---|---|
| Restricted Units (RSUs) | 2/23/2024 | $77,250 | 2,150 | Vests in thirds annually starting 2/23/2025 |
| Performance Shares (PSUs) | 2/23/2024 | $77,250 | 2,150 | 3-year cycle ending 12/31/2025; metrics: tangible book value and average ROATCE |
| 2025 Equity Awards for 2024 Performance—RSUs | 2025 (committee approval) | $82,665 | 1,980 | Time-based vesting per plan |
| 2025 Equity Awards for 2024 Performance—PSUs | 2025 (committee approval) | $82,665 | 1,980 | 3-year cycle ending 12/31/2027; TBV and ROATCE metrics |
| PSU Performance Metrics (2025 approval for 2024 performance cycle ending 12/31/2027) | Threshold | Target | Maximum |
|---|---|---|---|
| Tangible Book Value (TBV) | $30.38 | $31.97 | $33.57 |
| 3-Year Average ROATCE | 13.58% | 14.30% | 15.01% |
| Stock Awards Vested in 2024 | Shares Vested | Value Realized ($) |
|---|---|---|
| Mari Evelyn Rodríguez | 3,500 | $128,450 |
Equity Ownership & Alignment
| Item | Value |
|---|---|
| Beneficial Ownership (12/31/2024) | 3,833 shares; <1% of outstanding; includes 716 restricted units vesting within 60 days |
| RSUs Unvested (12/31/2024) | 16,213 units; market value $686,113 |
| PSUs Unearned (12/31/2024) | 1,413 units; market value $59,777 |
| Known RSU Vest Schedules | 2,150 RSUs vest in thirds annually starting 2/23/2025; 7,000 RSUs vest in halves starting 5/1/2025 (3,500 on 5/1/2025 and 3,500 on 5/1/2026) |
| PSU Cycle for 2/23/2024 Grant | Ends 12/31/2025 |
| Ownership Policy Compliance | Qualifying common stock: 19,329; value: $818,019; multiple of compensation: 2.23×; minimum requirement: 1.00× (meets/exceeds) |
| Hedging/Pledging | Prohibited by Insider Trading Policy (no derivatives, no hedging, no pledging; trade pre-clearance and blackout periods apply) |
| Stock Option Exposure | None—Company does not grant stock options |
Employment Terms
- Clawback: Incentive-based cash/equity for the prior three fiscal years subject to recoupment upon accounting restatement for material non-compliance or errors that would materially misstate results .
- Life Insurance: NEOs covered up to $700,000 or $1,000,000 (CEO has additional $3,000,000 policy) .
- Non-Qualified Deferred Compensation: Rodríguez deferred $195,600 in 2024; aggregate earnings $31,370; year-end aggregate balance $226,971; plan is unfunded, ERISA “top-hat” and allows up to 100% deferral of salary/bonus .
- Say-on-Pay: 98% approval in 2024 .
- Peer Group and Consultant: Pearl Meyer engaged; peer group includes regional banks (e.g., First BanCorp (PR), Renasant, ServisFirst, etc.) .
Compensation Structure Analysis
- Cash vs. Equity Mix: 2024 stock awards of $154,499 vs. $351,540 in 2023 indicate lower equity grant year-over-year; variable pay remains significant via annual bonus and PSUs .
- Target Pay Changes: 2024 base salary increased 5% to $367,500; target bonus remained at 50% of base; actual 2024 bonus $202,700 reflecting above-target corporate and unit performance .
- Performance Pay Design: Annual scorecard emphasizes growth, digital adoption, credit resiliency (Texas Ratio), and efficiency; PSUs tied to TBV and ROATCE—metrics aligned with shareholder value creation and capital efficiency .
- Risk Controls: No options or repricing; clawback; prohibitions on hedging/pledging; ownership requirements support alignment; no SERP or excise tax gross-ups .
Investment Implications
- Alignment: Exceeds ownership guideline and is prohibited from hedging/pledging; large RSU/PSU exposure increases sensitivity to TBV and ROATCE outcomes—a constructive alignment with long-term value creation .
- Selling Pressure: Near-term supply from scheduled RSU vests (approx. 3,500 shares on 5/1/2025; plus ~717 from the 2/23/2024 grant’s first tranche) and PSU cycle ending 12/31/2025; trading windows subject to blackout/pre-clearance mitigate opportunistic selling .
- Retention Risk: Competitive pay structure with clear performance linkage and multi-year vesting supports retention; absence of disclosed personal change-in-control/severance terms suggests standard market reliance on equity vesting rather than guaranteed payouts (CEO has specific CIC terms; not disclosed for Rodríguez) .
- Execution Focus: Corporate performance trends—EPS growth to $4.23, core revenues to $709.6M, TBV $25.43 per share, and TSR outperformance vs. peers—support incentive realization if TBV/ROATCE trajectories continue under her retail growth remit .