Popular Inc., Puerto Rico's biggest bank, said that Richard Carrion will step down as chief executive officer if he's successful in a bid to be elected president of the International Olympic Committee.
Carrion, 60, will remain as non-executive chairman if elected IOC president after the Sept. 10 vote, the San Juan- based lender said today in a statement. The directors have a "number of strong internal candidates" who could succeed Carrion, according to the statement.
Carrion has been CEO of Popular since 1994, according to an annual filing. The lender still owes U.S. taxpayers almost $1 billion from a bailout during the financial crisis that prevented its collapse.
"The Board supports Richard in this endeavor," director William Teuber, 61, said in the statement. "We have known that this was a possibility for over a year, given his passion for the Olympic movement, and have planned accordingly."
Carrion has been an IOC member since 1990, Popular said in the statement.