Management ChangeJul 1, 2026, 02:02 PM
First BanCorp Appoints Said Ortiz as EVP & CFO; Berges to Consult
AI Summary
First BanCorp announced the appointment of Said Ortiz as Executive Vice President and Chief Financial Officer, effective July 1, 2026, with an annual base salary of $475,000 and eligibility for bonuses and benefits. The company also entered into a Professional Services Agreement with Orlando Berges, who retired on June 30, 2026. Mr. Berges will provide consulting services as an independent contractor from July 1, 2026, through December 31, 2026, at an hourly rate of $300.
Key Highlights
- Said Ortiz appointed Executive Vice President and Chief Financial Officer, effective July 1, 2026.
- Mr. Ortiz's employment agreement includes an annual base salary of $475,000.
- He is eligible for an annual bonus and participation in employee benefit plans.
- Severance provisions for Mr. Ortiz include two times base salary plus bonus in case of change in control termination.
- Orlando Berges, upon retirement, entered a Professional Services Agreement as a consultant.
- Mr. Berges will provide consulting services from July 1, 2026, to December 31, 2026.
- Mr. Berges will be compensated at an hourly fee of $300 for his services.
Price Impact
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