Luis M. Beauchamp became the President and CEO of First BanCorp on September 30, 2005, following a solid career in finance. Before this role, he was the Senior Executive Vice President in Wholesale Banking at FirstBank Puerto Rico. His track...

Luis M. Beauchamp became the President and CEO of First BanCorp on September 30, 2005, following a solid career in finance. Before this role, he was the Senior Executive Vice President in Wholesale Banking at FirstBank Puerto Rico. His track record shows significant depth in banking, having started with Chase Manhattan Bank where he managed operations in various countries. Beauchamp was at the forefront of guiding First BanCorp through challenging financial times, including crafting strategies that led to a successful $520 million recapitalization in 2011. Although he lacks a formal university degree, his extensive experience and executive roles have shaped his expertise in the finance sector. Interestingly, his compensation in recent years reached over $2 million in 2013, largely due to a mix of salary, bonuses, and stock values from restricted stock grants. As a director of several subsidiaries, Beauchamp plays a significant role in multiple financial ventures, indicating a strong commitment to broad leadership within the bank. Though he's had his ups and downs, his leadership has been pivotal for First BanCorp's strategy and operational success, particularly in competitive financial environments.

Quick Links

1. Rivals

2. Holdings

3. Insider Trading

4. Compensation History

5. Other First BanCorp CEOs

F

Luis M. Beauchamp

Ex-CEO of First BanCorp

Education

None

Field of Expertise

Finance & Banking - Finance

Sector of Economy

Financial Services

Born

January 1, 1943 - 82 years ago

CEO of First BanCorp for

7 years 6 months (Sep 2005 - Apr 2013)

Previous Experience

Senior Executive Vice President, Wholesale Banking of FirstBank

Rivals

Competitors/colleagues of Luis M. Beauchamp

W

Timothy S. Crane

CEO of Wintrust Financial

2023 Compensation

Stock

$276.30K

Salary

$1.00M

Bonus

$1.14M

Other

$33.85K

Total Holdings

$8.91M

F

Vincent J. Delie, Jr.

CEO of F.N.B. Corporation

2023 Compensation

Stock

$11.00M

Salary

$1.19M

Bonus

$0.00

Other

$649.18K

Total Holdings

$24.80M

H

Joseph S. Exnicios

CEO of Hancock Whitney Corporation

2023 Compensation

Stock

$265.86K

Salary

$553.84K

Bonus

$383.43K

Other

$67.08K

Total Holdings

$2.37M

A

H. Palmer Proctor, Jr.

CEO of Ameris Bancorp

2023 Compensation

Stock

$1.90M

Salary

$925.00K

Bonus

$1.44M

Other

$98.20K

Total Holdings

$28.94M

Holdings

See how much did Luis M. Beauchamp make over time.

Luis Beauchamp has shown significant engagement with First BanCorp through his stock holdings. As of the latest reports, he holds approximately 2.1 million shares, valued around $14 million, which indicates a solid stake in the company's future. His holdings peaked...

Luis Beauchamp has shown significant engagement with First BanCorp through his stock holdings. As of the latest reports, he holds approximately 2.1 million shares, valued around $14 million, which indicates a solid stake in the company's future. His holdings peaked in value during a financial uptick in the years after his restructuring of the bank, reflecting a time when his wealth primarily came from these shares. Over recent years, however, there's been some fluctuation in value as market conditions shifted. His long-term commitment to the company is clear, showcasing not just leadership but also personal investment in its success. Beauchamp's shares equate to about 2.24% of the overall stock, highlighting his significant role as a stakeholder. With a history dating back to 2005, he has been part of the mentioned bank’s journey through recovery and growth phases, consistently adapting and strategizing based on market trends. While the market's volatility has impacted stock values, he remains an influential figure within the financial scene, with his fortunes closely tied to the bank's performance.

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Insider Trading

See recent insider trades of Luis M. Beauchamp.

No insider trades found for this CEO.

Compensation History

See how much did Luis M. Beauchamp make over time.

Luis M. Beauchamp's compensation paints an interesting picture of his leadership at First BanCorp. In 2013, his total earnings were reported at around $2.1 million, combining his salary, bonuses, and stock options. Throughout his tenure, his salary has been notable, starting from $750,000 in 2010 and peaking as the bank regained stability. This rise in compensation reflects not so much luxury but a careful structure to motivate and retain top talent within the organization. Bonuses were modest, primarily consisting of a Christmas bonus which was a non-discriminatory across-the-board benefit for employees. His package also included significant perks like corporate vehicles and club memberships, which are common for someone in his position. Over the years, he has navigated through challenges, maintaining a compensation strategy that aligns with the bank's performance and the financial market's ever-changing dynamics. His philosophy emphasizes not just reward but also risk management, ensuring executive compensation is tied to long-term performance metrics.

Year

2013

Total Compensation

$1.58M

Salary

$850.00K

Board Justification

The compensation program is designed to attract, motivate, reward, and retain highly qualified executives, reflecting the Corporation’s performance and the responsibilities and personal performance of the individual executives, while ensuring sound risk management and performance metrics consistent with long-term contributions to sustained profitability.

Bonus

$1.20K

Board Justification

Includes a Christmas bonus, which is a non-discriminatory broad-based benefit offered to all employees, under which the Corporation paid during 2011 through 2013 six percent (6%) of the employees’ base salary up to $1,200.

Other

$57.19K

Board Justification

Includes personal benefits such as a corporate-owned automobile, club memberships, and a life insurance policy of $1,000,000.

Restricted Stock

$675.00K(111.94K Restricted Stock)

Board Justification

Restricted stock granted under the First BanCorp 2008 Omnibus Incentive Plan, as amended, which will vest 50% on the second anniversary date of the grant and the remaining 50% on the third anniversary date of the grant.

Performance Metrics

The performance metrics include corporate performance, market competitiveness, and individual performance of the Named Executive Officers.

Other First BanCorp CEOs

Here are other CEOs of First BanCorp

Angel Alvarez-Perez

Ex-CEO of First BanCorp

January 2005 - September 2005

Aurelio Aleman-Bermudez

Ex-CEO of First BanCorp

April 2013 - October 2021