Popular in San Juan, Puerto Rico, has made a few changes to its management team.

The $36.5 billion-asset company said in a press release Monday that Ignacio Alvarez had become its president and chief operating officer, succeeding Richard Carrion, who will remain chairman and chief executive.

Alvarez, who had been Popular's chief legal officer, has been with the company for four years. He previously was a founding partner of the law firm Pietrantoni Mendez & Alvarez in San Juan.

Popular also tapped Javier Ferrer to succeed Alvarez as chief legal officer. Ferrer, who is leaving Pietrantoni Mendez & Alvarez, will join Popular later this week.

"I am confident that these changes will further strengthen our management team and allow us to operate in a more agile and efficient manner," Carrion said in the release.

Popular, which agreed in April to sell a large portion of its mainland operations, recently received regulatory approval to exit the Troubled Asset Relief Program.

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