Credicorp LTD.: Credicorp Announces Executive Leadership Changes Effective July 1, 2024

Lima, Dec. 21, 2023 (GLOBE NEWSWIRE) -- Lima, PERU, December 21, 2023 -- Credicorp Ltd. (“Credicorp” or the “Company”) (NYSE: BAP | BVL: BAP), the leading financial services holding company in Peru with a presence in Chile, Colombia, Bolivia and Panama today announced senior leadership changes to underscore the Company’s commitment to strengthening its market-leading organization, serving its customers and driving sustainable growth.  The Board of Directors appointed at its meeting held today, Cesar Ríos Briceño as Chief Risk Officer (CRO) of Credicorp and BCP and Alejandro Pérez-Reyes Zarak as Chief Financial Officer (CFO) of Credicorp and BCP.  In addition, André Rezende, Chief Technology Officer (CTO) will now report to the Chief Executive Officer. To facilitate a smooth transition, the management shift will commence on March 1, 2024, and the new appointments will officially take effect on July 1, 2024. Moreover, Michelle Labarthe Wiese, joins Credicorp as Chief Strategy Officer (CSO), a newly created position that will oversee the Sustainability, Strategy & Corporate Development, and M&A functions, effective January 2^nd, 2024.

"With these appointments, we reaffirm our unwavering commitment to fortifying our market-leading organization.  The appointment of Cesar Ríos as CRO and Alejandro Pérez-Reyes as CFO, who have worked closely for over 25 years, marks a strategic move towards enhancing our corporate strength.  Furthermore, with André Rezende, our CTO, reporting directly to me, we strengthen our focus on technology-driven innovation.  In addition, we are thrilled to welcome Michelle Labarthe as CSO.  Michelle's extensive experience in financial advisory is a valuable asset to our team. Her wealth of expertise enriches our shared commitment to achieving strategic excellence and sustainable growth. We look forward to leveraging her insights to further elevate our company's success in a dynamic and competitive business environment,” commented Gianfranco Ferrari, CEO of Credicorp.   

“I also wish to thank Reynado Llosa Benavides who will retire and leave his roles as BCP's CRO and Corporate CRO, after 30 years of an impeccable career. Reynaldo’s exceptional human and professional qualities have left an indelible mark on our organization. We look forward to his continued contributions as Director of both BCP Bolivia and Mibanco,” closed Mr. Ferrari.

Appointment of Cesar Ríos Briceño as CRO of Credicorp and BCP

Cesar Ríos Briceño, currently CFO of Credicorp and BCP, was appointed CRO of Credicorp and BCP replacing Reynaldo Llosa Benavides who has tendered his resignation effective June 30, 2024. Cesar Ríos Briceño has been the Credicorp CFO since 2018 and has a distinguished 30-year career at BCP and within the Group.  Throughout this time, he has held key positions in Corporate Finance, Operations, Credit, Collections, Planning, and Financial Control, among others. He brings to the CRO role a profound understanding of the organization garnered through his tenure and diverse experiences within the organization.

Appointment of Alejandro Pérez-Reyes Zarak as CFO of Credicorp

Alejandro Pérez-Reyes Zarak, currently COO of Credicorp, has been appointed as CFO of Credicorp, effective July 1, 2024, replacing Mr. Ríos Briceño. The current responsibilities of Mr. Pérez-Reyes Zarak will be distributed among other members of the senior management team and the COO role will cease to exist. In addition to his position as COO of Credicorp, over his 25-years´ experience at the Company Alejandro held different positions including Head of Derivatives and Structured Products at BCP, Chief Investment Officer at Prima AFP, COO and Peru Country Head of Credicorp Capital, a company that he joined at its initiation and played a pivotal role in steering the company through a recent transformation of its operating model.  He was also Head of Asset Management of Credicorp Capital.

CTO of Credicorp to Report to Company CEO

Effective July 1^st, the role of CTO, headed by André Rezende, will report directly to Gianfranco Ferrari, Chief Executive Officer of Credicorp, reflecting Mr. Ferrari´s focus on remaining close to the advancement of Credicorp´s technological agenda.

Chief Strategy Officer Position Created

Moreover, the Board approved the creation of the Chief Strategy Officer position overseeing Sustainability, Strategy & Corporate Development, and M&A functions. This new position will be held by Michelle Labarthe Wiese, who will join the Company effective January 2nd, 2024. Ms. Labarthe Wiese has over 20 years’ experience in finance, particularly in investment banking as Country Head at Lazard in Perú, Director at Rothchild and Lehman Brothers in London covering financial institutions in Europe and Latin America, among others. She is also a Board Member of several family group companies in Perú and Latin America. Ms. Labarthe Wiese holds a bachelor’s degree in Industrial Engineering from Universidad de Lima, Perú and an MBA from HEC School of Management in France.

After these changes, Credicorp will have a total of 25% of its senior management leadership represented by women, up from 20%.

About Credicorp

Credicorp Ltd. (NYSE: BAP) is the leading financial services holding company in Peru with presence in Chile, Colombia and Bolivia. Credicorp has a diversified business portfolio organized into four lines of business: Universal Banking, through Banco de Credito del Peru – BCP and Banco de Credito de Bolivia; Microfinance, through Mibanco in Peru and Colombia; Insurance & Pension Funds, through Grupo Pacifico and Prima AFP; and Investment Banking & Wealth Management, through Credicorp Capital, Wealth Management at BCP and ASB Bank Corp.

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