The Board of Directors of the Panama Canal Authority elected Ricaurte Vásquez as the new Administrator (CEO) of the agency and Ilya Espino de Marotta as his Deputy

PANAMA - In Brief 15 Feb 2019 by Marco Fernandez
The Board of Directors of the Panama Canal Authority elected Ricaurte Vásquez as the new Administrator (CEO) of the agency and Ilya Espino de Marotta as his Deputy.Ricaurte Vásquez is the new CEO of the ACP, appointed unanimously by the eleven-member Board of Directors, for a period of seven years, renewable once. The current CEO, Jorge Quijano, decided to retire after his term ends on September 4. Vásquez is a 66 -year old Ph. D. in economics and former Minister of Economy and Finance during the Martin Torrijos Administration (2004-2009). He was responsible for the tax and pension reforms then. He was the first Panamanian CFO of the Canal during the US Administration, Deputy Administrator of the ACP, and Minister of the Canal. Currently, he is financial advisor to local and international firms. In the same process, Ilya Espino de Marotta, current VP of Transit and new Business of the ACP, was selected as the new Deputy Administrator replacing Manuel Benítez, who will retire at the end of the year after an illustrious career in the agency. Espino oversaw the complex engineering and logistic process of the expansion of the Canal (2007-2015). She will take over on January 1, 2020.Both Vásquez and Marotta could be considered insiders of the administration. The “outsiders” were entrepreneurs Jorge García and Julio Spiegel. Vásquez will benefit from a six-month period in which he will share duties with the current CEO in order to guarantee a smooth transition.We consider these appointments good news for the operations of the Canal and for the country.

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