Roberto García
About Roberto García
Independent director of OFG Bancorp since October 2024; age 61. García is a seasoned executive with 32 years across telecoms, insurance, and healthcare, retiring as President, CEO and director of Triple-S Management Corporation in February 2024 (Triple-S was public until going private in February 2022). He brings prior COO, General Counsel, and Corporate Secretary experience, and legal-regulatory leadership roles at Puerto Rico Telephone Company (Verizon). He serves on OFG’s Audit Committee and Corporate Governance & Nominating Committee.
Past Roles
| Organization | Role | Tenure | Notes/Impact |
|---|---|---|---|
| Triple-S Management Corporation | President, CEO and Director | Until Feb 2024 | Led a diversified insurance/managed care company affiliated with BlueCross BlueShield; previously COO (2014–2016) and General Counsel & Corporate Secretary (2008–2014). |
| Puerto Rico Telephone Company (Verizon) | VP, Corporate, Legal, and Regulatory Affairs | 2004–2008 | Oversaw legal and regulatory matters at leading telecom operator. |
| Pietrantoni Méndez & Álvarez | Corporate Lawyer | 2001–2004 | Corporate law practice. |
| Proyecto Península de Cantera | Executive Director | 1998–2001 | Led community development initiatives. |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Claro Puerto Rico | Director | Since 2021 | Board service at leading Puerto Rico telecom operator. |
| BCS Financial Corporation | Director | Not disclosed | Board experience in insurance/financial services. |
| Blue Cross Blue Shield Association | Director | Not disclosed | Industry-level oversight and governance exposure. |
| Medicaid and Medicare Advantage Products Association of Puerto Rico | Director | Not disclosed | Public healthcare policy and managed care expertise. |
Board Governance
- Independence: All directors except the CEO are independent under NYSE standards; García is classified as independent.
- Committee assignments:
- Audit Committee member (committee met 10 times in 2024; members: Chair Rafael Vélez, Roberto García, Angel Vázquez).
- Corporate Governance & Nominating Committee: appointed Sept 20, 2024; committee membership roster lists Susan Harnett (Chair), Néstor de Jesús (Vice Chair), and Annette Franqui for 2024.
- Attendance (post-appointment): Board 3 of 3 (100%); Audit 3 of 3 (100%); Corporate Governance & Nominating 0 of 0 (100%).
- Board meetings and executive sessions: 6 board meetings in 2024; no incumbent director below 75% attendance; regular executive sessions of non-management directors led by Lead Independent Director (Néstor de Jesús).
- Stock ownership policy: Directors must hold OFG common stock equal to at least 4x annual cash compensation within 3 years of their first equity award.
Board and Committee Attendance (2024, after appointment)
| Body | Meetings | Attendance |
|---|---|---|
| Board | 3 | 100% |
| Audit Committee | 3 | 100% |
| Corporate Governance & Nominating Committee | 0 | 100% |
Fixed Compensation
| Component | FY 2024 Amount | Notes |
|---|---|---|
| Fees Earned or Paid in Cash | $16,900 | Cash fees for partial-year service following his September 2024 appointment. |
| Stock Awards | $0 | No director equity grant recorded for García in 2024. |
| Total | $16,900 | Sum of cash and equity components. |
Director Compensation Program (Structure)
| Component | Amount | Notes |
|---|---|---|
| Annual Retainer (Non-Employee Director) | $60,000 | Paid monthly in advance. |
| Lead Independent Director Retainer | $100,000 | Paid monthly in advance. |
| Audit Committee Chair Retainer | $12,000 | Additional annual retainer. |
| Audit Committee Member Retainer | $5,000 | Additional annual retainer. |
| Risk & Compliance Committee Chair Retainer | $12,000 | Additional annual retainer. |
| Risk & Compliance Committee Member Retainer | $5,000 | Additional annual retainer. |
| Oriental Bank Board Meeting Fee | $1,000 per meeting | For service on bank subsidiary board. |
| 2024 Equity Grant to Non-Employee Directors | $44,000 value (restricted units) | Standard annual director equity grant; García’s 2024 stock award shown as $0. |
Performance Compensation
| Performance-linked Component | FY 2024 | Metrics/Terms |
|---|---|---|
| Director Performance-Based Pay | None | OFG director compensation is retainer/fees plus time-based RSUs; no options or performance-linked director awards reported. |
Other Directorships & Interlocks
| Entity | Type | Potential Interlock/Conflict with OFG | Disclosure Status |
|---|---|---|---|
| Claro Puerto Rico | Telecom (Private) | OFG may have standard banking relationships; no related-party transactions disclosed involving García. | |
| BCS Financial Corporation | Insurance/Financial | Industry adjacency; no related-party transactions disclosed involving García. | |
| Blue Cross Blue Shield Association | Healthcare Association | Policy/network role; no related-party transactions disclosed involving García. | |
| Medicaid & Medicare Advantage Products Association of Puerto Rico | Industry Association | Policy/network role; no related-party transactions disclosed involving García. |
Related-Party Transactions overview: The proxy discloses engagements with CEO’s brother’s law firm and an SBIC investment linked to the former chair’s family; no transactions cited for García. Loans to directors/officers were ordinary-course on market terms; none were non-performing.
Expertise & Qualifications
- Leadership across insurance/managed care, telecom, and healthcare; former CEO/COO and GC roles at Triple-S; legal-regulatory expertise from Verizon subsidiary and corporate law practice.
- Governance exposure via boards at Claro Puerto Rico, BCS Financial Corporation, Blue Cross Blue Shield Association, and Medicaid & Medicare Advantage Products Association of Puerto Rico.
- Audit committee service and financial literacy designation at the committee level (committee determined all members financially literate).
Equity Ownership
| Metric | Status |
|---|---|
| Total Beneficial Ownership (Common Shares) | — (no shares reported as of Dec 31, 2024) |
| Ownership % of Shares Outstanding | — % (less than 1%) |
| Vested vs. Unvested Shares | — (no RSU/PSU holdings reported for García as of year-end) |
| Pledging/Hedging of Company Stock | Prohibited by Insider Trading Policy; directors may not hedge or pledge OFG securities. |
| Director Ownership Guideline | 4x annual cash compensation within 3 years of first equity award. |
| Compliance Status (as of Dec 31, 2024) | — (no qualifying common stock reported; new director) |
Governance Assessment
-
Strengths:
- Independent director with 100% attendance post-appointment; immediate engagement on Audit Committee.
- Cross-industry CEO/GC background enhances oversight in risk, compliance, and strategy; Audit Committee deemed members financially literate.
- OFG governance framework includes stock ownership requirements, clawback policy, and prohibitions on hedging/pledging—alignment-positive.
- Strong shareholder support for executive pay program in 2024 (98% say-on-pay), indicating overall governance confidence.
-
Watch items:
- No reported personal share ownership as of year-end 2024; monitor equity grant cadence and guideline progress for alignment.
- Multiple external insurance/healthcare boards—while not disclosed as related parties, monitor for transactional overlaps; none disclosed for García.
- Committee placement clarity: appointed to Corporate Governance & Nominating in Sept 2024; the roster listed three other members for 2024—monitor formal membership updates.
-
Red flags:
- None disclosed specific to García (no related-party transactions, no hedging/pledging, no attendance issues).