P.R. Gov. Makes Nominations to PREPA Board

Puerto Rico Gov. Alejandro García Padilla nominated five professionals for the board of directors of the Puerto Rico Electric Power Authority and three for the board of the entity that would issue a planned securitized version of PREPA's debt.

The PREPA Revitalization Act, which the governor signed in February, called for the governor to appoint a new PREPA board by July 1. Though this deadline was missed, the government followed the act in hiring a professional search firm to present possible candidates to the governor.

In accordance with the act, Russel Reynolds proposed candidates with at least 10 years' experience in the electrical engineering, business administration, economic, financial, or legal fields.

García Padilla has named people for five of the six openings for which he will nominate. The board has nine members, and the remaining three are to be consumer representatives appointed according the act's provisions.

The governor is expected to nominate a sixth member to the board soon.

PREPA Board Chairman Harry Rodríquez resigned his post on Wednesday. The resignation was in part to clear the way for the new board, according to Caribbean Business.

Puerto Rico's Senate will have to approve the nominations before they become official.

The governor's PREPA nominees are: Luis Benítez Hernández, a current member of the board and a consulting and academic economist; Rafael Díaz Granados, who has 22 years of experience focusing on business transformation, including a stint as general counsel and executive director of General Electric; Nelson Díaz, who has 43 years of experience as a lawyer and has served on the boards of several companies, including PECO Energy.

The governor also nominated: Plácido Martínez Mijares, an engineer and manager with extensive experience in the energy industry; and Rubén Freyre Martínez, who has 40 years of experience as a quality control manager, general manager, and director of operations for pharmaceutical companies.

For the Corporation for the Revitalization of Electrical Energy Authority, which the forbearing PREPA debt holders anticipate will issue new bonds replacing PREPA's existing bonds, the governor nominated people with a financial background:

Raúl Cermeño, who has 24 years management and financial experience in the pharmaceutical and biotech industry and is a certified public accountant; Heriberto Torres Cortés, who has 34 years of financial experience in companies including KPMG; and David Millán Vélez, who has 16 years of experience for financial firms and holds a master's degree in finance and a second master's degree in management and international economics.

 

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