OFG Bancorp CSO Ganesh Kumar to retire Dec 2; receives $1.35M severance + equity adjustments

OFG BANCORP

Ganesh Kumar, Chief Strategy Officer, U.S. Business, retires effective Dec 2, 2024 after 20 years of service.
Company to pay $1,353,413 lump-sum cash severance under Puerto Rico law within 7 days of effective date.
Equity awards amended: restricted units not forfeited; performance shares settled at estimated attainment level.
All equity awards settled in cash using OFG stock closing price on October 3, 2024.
Both parties agree to mutual release of all claims as part of separation agreement.

item 5.02

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Departed

Ganesh Kumar

Chief Strategy Officer, U.S. Business

OFG · OFG BANCORP

Effective: 2024-12-02
Filed: October 22, 2024, 7:59 PM ET

Mr. Ganesh Kumar entered into that certain Separation and Retirement Agreement (the “ Separation Agreement ”) with the Company in connection with his retirement as the Company’s Chief Strategy Officer, U.S. Business, effective December 2, 2024

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Ganesh Kumar retired as Chief Strategy Officer, U.S. Business at OFG BANCORP.

Action: retired
Role: Chief Strategy Officer, U.S. Business

Exact text from the filing

Mr. Ganesh Kumar entered into that certain Separation and Retirement Agreement (the “ Separation Agreement ”) with the Company in connection with his retirement as the Company’s Chief Strategy Officer, U.S. Business, effective December 2, 2024

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OFG BANCORP filing history →

Source: SEC EDGAR

accession 0001030469-24-000039

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