First Bancorp Names New CEO, Elects Directors

TL;DR

New CEO at First Bancorp! Carlos M. Rodriguez takes over from Aurelio M. Fernandez.

AI Summary

On March 21, 2024, First Bancorp announced changes to its board of directors and executive compensation. The company elected two new directors, Carlos M. Rodriguez and Maria Elena Rodriguez, and appointed Carlos M. Rodriguez as the new Chief Executive Officer, succeeding Aurelio M. Fernandez. The company also announced a new equity incentive plan for its officers.

Why It Matters

This filing indicates a leadership transition at First Bancorp, with a new CEO and board members, which could signal a shift in the company's strategic direction.

Risk Assessment

Risk Level: medium — Leadership changes and new compensation plans can introduce uncertainty and impact future performance.

Key Players & Entities

• First Bancorp (company) — Registrant
• Carlos M. Rodriguez (person) — Newly elected director and CEO
• Maria Elena Rodriguez (person) — Newly elected director
• Aurelio M. Fernandez (person) — Outgoing CEO
• March 21, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $0.10 — ange on which registered Common Stock ($0.10 par value) FBP New York Stock Excha
• $1,080,000 — Officer ("CEO") of the Corporation, to $1,080,000 from $1,040,000; and Increase for Nayd
• $1,040,000 — of the Corporation, to $1,080,000 from $1,040,000; and Increase for Nayda Rivera, Chief
• $550,000 — Officer ("CRO") of the Corporation, to $550,000 from $500,000. Changes to Short-Term I
• $500,000 — ") of the Corporation, to $550,000 from $500,000. Changes to Short-Term Incentive Progr

Filing Documents

• ef20025235_8k.htm (8-K) — 30KB
• 0001140361-24-015405.txt ( ) — 164KB
• fbp-20240321.xsd (EX-101.SCH) — 4KB
• fbp-20240321_lab.xml (EX-101.LAB) — 21KB
• fbp-20240321_pre.xml (EX-101.PRE) — 16KB
• ef20025235_8k_htm.xml (XML) — 4KB

02

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. 5.02 (e) Compensatory Arrangements of Certain Officers On March 21, 2024, the Board of Directors (the "Board") of First BanCorp. (the "Corporation"), as part of its annual competitive review of executive compensation, and with guidance from its independent compensation consultant, Pearl Meyer & Partners LLC, approved the following changes to the compensation structure for certain of the Corporation's named executive officers ("NEOs"). Except for the changes to compensation discussed below, there were no changes to the terms and conditions of the short-term incentive program, long-term incentive program or any other components of executive compensation under the Corporation's compensation plans and programs detailed in the Corporation's 2023 Annual Proxy Statement filed with the Securities and Exchange Commission on April 5, 2023. Change to Base Salary for certain NEOs The Board approved an increase in the annual base salaries for the following NEOs, effective April 1, 2024: Increase for Aurelio Alemn, Chief Executive Officer ("CEO") of the Corporation, to $1,080,000 from $1,040,000; and Increase for Nayda Rivera, Chief Risk Officer ("CRO") of the Corporation, to $550,000 from $500,000. Changes to Short-Term Incentive Program and Incentive Opportunity for certain NEOs The Board approved adjustments to the target opportunity under the short-term incentive program for the following NEOs, effective for the short-term incentive payout to be paid in 2025 based upon fiscal year 2024 performance: For Orlando Berges, Chief Financial Officer, target opportunity as a percentage of base salary increased from 50% to 60% ; and For Nayda Rivera, CRO, target opportunity as a percentage of base salary increased from 50% to 60% . Changes to Long-Term Incentive Program and Incentive Opportunities for the CEO The Boar

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. FIRST BANCORP. Date: March 26, 2024 /s/ Sara Alvarez Sara Alvarez EVP and General Counsel