---
schema_version: "secwatch.filing_event.v1"
accession: "0001030469-24-000039"
form_type: "8-K"
ticker: "OFG"
cik: "0001030469"
company_name: "OFG BANCORP"
filed_at: "2024-10-22T23:59:59+00:00"
generated_at: "2026-05-30T11:23:50.543841+00:00"
event_type: "leadership"
sentiment: "neutral"
materiality_score: 0.45
calibrated_materiality_score: 0.45
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001030469-24-000039
- form_type: 8-K
- ticker: OFG
- cik: 0001030469
- company_name: OFG BANCORP
- filed_at: 2024-10-22T23:59:59+00:00
- event_type: leadership
- sentiment: neutral
- materiality_score: 0.45
- calibrated_materiality_score: 0.45
- confidence: high
- sec_items: 5.02
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1030469/000103046924000039/0001030469-24-000039-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1030469/000103046924000039/ofg-20241018.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001030469-24-000039
- JSON: https://secwatch.observer/filing/0001030469-24-000039.json
- Plain text: https://secwatch.observer/filing/0001030469-24-000039.txt

## Key facts
- Executive change
  Ganesh Kumar retired as Chief Strategy Officer, U.S. Business at OFG BANCORP.
  - Action: retired
  - Role: Chief Strategy Officer, U.S. Business
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1030469/000103046924000039/0001030469-24-000039-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.