Richard Carri-n will remain the chief executive of Popular (BPOP) in San Juan, Puerto Rico, after an unsuccessful bid at becoming president of the International Olympic Committee.
Carri-n, 60, was beat out for the seat by Thomas Bach, chairman of Michael Weinig AG, a German solid-wood manufacturer. Bach, who won a gold medal in team fencing for West Germany in 1976, was widely considered the front-runner for what is considered the most influential job in international sports.
Bach received 49 of the 93 votes; Carri-n came in second with 29 votes, according to a press release from the committee. There were four other candidates.
Bach replaces Jacques Rogge, who is stepping down after a dozen years as president. Including Bach, the committee has had only nine presidents in its 119-year history.
"My candidacy was an enriching experience, and I am grateful to have had the opportunity to be part of this process," Carri-n said in a press release. "I congratulate Thomas Bach for his election. With this election now behind me, I look forward to continuing our efforts to build on the strengths of our franchise, as well as devoting more time to promoting the economic and social development of the communities we serve."
Carri-n has been a member of the IOC since 1990 and played key roles in boosting its reserves and negotiating global television rights. He announced his candidacy in May.
Had he been elected, Carri-n would have remained chairman of Popular but would have stepped down as its chief executive and president.
Carri-n's candidacy made international headlines last month when he spoke out against Russia's recently enacted laws barring "gay propaganda." Next year's Olympic Winter Games will be held in Sochi, Russia, and there have been concerns for the safety of gay athletes.
"We should use all the avenues possible for influence and diplomacy with Russian officials, so that this legislation will not create a problem for our athletes," Carri-n said, according to the Associated Press.
Carri-n went on to say that future host cities should be screened for any kind of discriminatory laws.