|GDB President Carlos García (Photo credit: ©Mauricio Pascual)|
Government Development Bank President Carlos García will be stepping down from his post effective March 1, the official confirmed Wednesday. He will be succeeded by Juan Carlos Batlle, another banker.
García’s resignation comes two years after he accepted the job, leaving his position as COO of Santander BanCorp to enter public service as part of the Luis Fortuño administration.
During his tenure, García was instrumental in developing the government’s plan to achieve a balanced budget — a move that promoted the dismissal of some 20,000 government employees — reestablishing the island’s credit standing with stateside rating agencies and improving the GDB’s capital base. He also worked on crafting the Tax Reform, which became law last month and will extend millions in relief to Puerto Rico individual and corporate taxpayers.
“I have no words with which to thank the governor for the trust and support he provided during this process,” said García, during a late afternoon press conference at the governor’s executive mansion, La Fortaleza. “From the start, we were committed to carrying out a series of specific tasks and not only help save Puerto Rico from looming bankruptcy, but also create the conditions to allow our people to look toward the future with hope.”
While García will step down as GDB chief on March 1, he will remain on the agency’s board until March 30, to “guarantee an orderly transition,” he said.