SAN JUAN, Puerto Rico--(BUSINESS WIRE)--OFG Bancorp (NYSE: OFG) today named Ganesh Kumar, formerly Executive Vice President and Chief Financial Officer, as Senior Executive Vice President and Chief Operating Officer, in charge of all retail operations, which collectively represent OFG’s largest revenue generating business. Maritza Arizmendi, most recently Senior Vice President Corporate Finance and Chief Accounting Officer, was appointed Executive Vice President and Chief Financial Officer, succeeding Dr. Kumar.
José Rafael Fernández, President, Chief Executive Officer, and Vice Chairman of the Board, said Dr. Kumar’s new role culminates efforts to consolidate all retail functions, end to end, under one customer-centric structure. Dr. Kumar will also be in charge of OFG’s strategic business development and expansion endeavors. Dr. Kumar, 52, who has a doctorate in management from Case Western Reserve University in Ohio, joined OFG in 2004 as an EVP and has been the CFO since 2012.
“Ganesh’s expanded role signals the emergence of Oriental as a premier retail bank in Puerto Rico and reflects our emphasis on achieving a clear differentiation in how we deliver our products and services,” Mr. Fernández said. “With such focus, we have been able to exploit innovative customer facing technologies to grow our retail portfolio and achieve solid financial results.
“With this move, Ganesh’s position, as the second ranked executive at OFG, is solidified. This is an integral part of our succession plan. It also is a clear recognition of his past contributions to our success and the key role he is playing in our business development and expansion. Ganesh has been instrumental in transforming OFG, implementing our strategic vision, and leading our acquisition and integration efforts, with Eurobank in 2010 and BBVA’s Puerto Rico operations in 2012. We look forward to this next chapter in our progress.”
Ms. Arizmendi, 48, a Certified Public Accountant and attorney, will be responsible for corporate finance, accounting and financial planning, reporting and business analytics. She has been SVP Corporate Finance and Chief Accounting Officer since 2014. Ms. Arizmendi will report to Mr. Fernández and joins him, Dr. Kumar and Carlos O. Souffront, OFG’s General Counsel, as a member of the now four-person Executive Committee.
“Maritza’s new position as EVP and CFO continues her stellar career in banking,” Mr. Fernández said. “She joined OFG when we acquired BBVA PR, where she had served as CFO and Treasurer, Senior Vice President of Financial Planning, and Vice President of Risk Management. Prior to its acquisition by BBVA PR, Maritza was Vice President of Loan Review at Poncebank. She started her career at PricewaterhouseCoopers, where she was a Senior Auditor. She holds both a BS in Accounting and Juris Doctor from the University of Puerto Rico. We look forward to working with Maritza in her expanded role and welcome her insight as a new member of the Executive Committee.”
Dr. Kumar and Ms. Arizmendi will continue to jointly handle investor relations and communications with Wall Street.
About OFG Bancorp
Now in its 53rd year in business, OFG Bancorp is a diversified financial holding company that operates under U.S. and Puerto Rico banking laws and regulations. Its three principal subsidiaries, Oriental Bank, Oriental Financial Services and Oriental Insurance, provide a full range of commercial, consumer and mortgage banking services, as well as financial planning, trust, insurance, investment brokerage and investment banking services, primarily in Puerto Rico, through 48 financial centers. Investor information can be found at www.ofgbancorp.com.