First Bancorp Increases Executive Compensation Targets

The latest update is out from First Bancorp Puerto Rico (FBP).

First BanCorp’s Board of Directors, after consulting with Pearl Meyer & Partners LLC, has revised executive compensation for certain top officers to keep it competitive. Effective April 1, 2024, CEO Aurelio Alemán’s salary will increase to $1,080,000, and CRO Nayda Rivera’s to $550,000. Additionally, their short-term incentive targets will rise to 60% of their base salaries for payouts in 2025. The CEO’s long-term incentive target also jumps to 200% of his base salary starting March 21, 2024, with annual adjustments possible based on performance.

For detailed information about FBP stock, go to TipRanks’ Stock Analysis page.