Popular said Thursday it plans to increase its quarterly common stock dividend and launch a new $1 billion share-repurchase program, as the Puerto Rico-based bank announced a leadership transition with Chief Executive Javier Ferrer set to retire.

The company said it intends to raise its quarterly dividend to $0.90 a share from $0.75 a share, beginning with the dividend payable in the fourth quarter of 2026, subject to approval from its board.

Popular also authorized a new common stock-repurchase program of up to $1 billion. The company said it has repurchased about $280 million of its shares so far this year and had fully used a prior $500 million buyback authorization approved in 2025 as of June 30.

The timing and amount of future repurchases will depend on factors including market conditions, capital levels, liquidity, financial performance, strategic initiatives, tax considerations and regulatory approvals, the company said.

Separately, Popular said Ferrer will retire effective Aug. 31, after more than a decade with the company. Executive Vice President and Chief Financial Officer Jorge García will succeed Ferrer as president and chief executive officer and join the company's board.

Popular said Lidio Soriano, currently executive vice president and chief risk officer, will become chief financial officer, while Luis Sousa, head of the company's credit risk management division, will become chief risk officer.

Popular Chairman Richard Carrión said Ferrer helped shape the company's strategic direction and led its transformation program aimed at improving customer services, employee performance and shareholder value.

Write to Anvee Bhutani at anvee.bhutani@wsj.com

(END) Dow Jones Newswires

July 23, 2026 10:41 ET (14:41 GMT)

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