Succession planning

The Washington company said that Sean Brennan, its president and chief operating officer, will become CEO when Jim Mitchell retires next year.

Ignacio Alvarez, who takes over this summer from Richard Carrion, addresses the tough challenges the bank faces as looming cuts to government services and benefits could be painful for consumers and businesses on the Caribbean island.

The Mississippi company said Mitchell Waycaster will succeed Robin McGraw in May 2018.

Doug Bowers will serve as the permanent replacement for Steven Sugarman, who resigned in January.

MidSouth also fired Cloutier's son as part of what it called a "transition plan already under way to improve” performance.