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Search is on for a new fiscal board executive director


Jaime A. El Koury, general counsel for the Financial Oversight and Management Board

By The Star Staff


The Financial Oversight and Management Board for Puerto Rico said the search for a new executive director is well underway following the departure of Natalie Jaresko earlier this month.


The board is using an outside firm to find her replacement.


“The Oversight Board’s executive search firm is assisting in finding the right person to fill this important role, who will continue the Oversight Board’s mandate under PROMESA [the Puerto Rico Oversight, Management and Economic Stability Act] and its commitment to Puerto Rico’s recovery and prosperity,” the board said in a written statement.


The oversight board did not say whether its general counsel Jaime A. El Koury is being considered for the position, as he has taken over duties performed by Jaresko.


“While the Oversight Board is searching for a new Executive Director, the Oversight Board’s executive team will carry on the day-to-day tasks, with the support of Chairman David Skeel,” the board said.


Jaresko joined the oversight board as executive director in March 2017 after a career in both the private and public sectors, including for the United States Department of State, as finance minister of Ukraine, and as a founding partner of the Horizon Capital private equity fund. Jaresko gave notice of her resignation effective April 1. She was slated to assist in the transition.


“Puerto Rico has the strength, and the people of Puerto Rico have the dedication, to end this crisis and build a better future,” Jaresko said at the time. “After reducing most of Puerto Rico’s debt, including for the Commonwealth, to affordable levels, fulfilling our obligation to stabilize Puerto Rico’s finances, and creating a roadmap to prosperity with the Fiscal Plan, Puerto Rico has reached an important turning point.”


Under Jaresko’s leadership, the oversight board achieved two important breakthroughs: the plan of adjustment to reduce the territory’s outstanding debt by 80%, breaking more than a decade of deficit spending, and fiscal plans that are Puerto Rico’s roadmap to growth and prosperity.

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