First Bancorp (FBP) said it promoted Aurelio Alemán, currently Senior Executive Vice-President and Chief Operating Officer, as President and Chief Executive Officer of the company. Alemán succeeds Luis Beauchamp who led the company from 2005 until now. The Board of Directors also elected José Menéndez-Cortada, currently Lead Independent Director, as Non-Executive Chairman of the Board of the Corporation. Both the appointments would be effective immediately.
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