Board of Directors

Churchill G. Carey, Jr. (1942-2011)

Chairman Emeritus

Churchill Carey was associated with the mortgage banking industry of Puerto Rico for 30 years as President, CEO, and from 1991-1995 as sole stockholder of Home Mortgage Company and its predecessors. During his tenure as President, Home Mortgage Company was the largest mortgage banking company in the Caribbean. Mr. Carey was a member of the Board of Governors of the Mortgage Bankers Association of America from 1984-1988. He was also a member of the Mortgage Bankers Association of Puerto Rico, where he served on its board from 1974 to 1995 and as its president on three occasions. He was a member of the Board of Governors of United Way International as well as United Way of Puerto Rico where he served as President of its Executive Committee, Campaign Chairman, and Chairman of its Board of Governors. He served on the boards of several other organizations including Habitat for Humanity, the Cantera Peninsula Project, and the Puerto Rico Growth and Income Fund. Mr. Carey had a B.A., cum laude, from Yale College and an M.B.A. from Harvard Business School.

Enrique J. Vila-Biaggi


Enrique began his professional career with Andersen Consulting (now known as Accenture) in Miami, FL, where he managed reengineering projects for multinational corporations such as Volvo and Burger King, as well as government projects for Dade County in Miami. In 1999, he began working at Vila del Corral & Company, managing reengineering projects for companies such as Banco Popular de Puerto Rico and South American Restaurants, Inc. Once in Puerto Rico, he began to immerse himself in the real estate environment by involving himself in the real estate developments his family had at the time. He became VP of Operations at Professional Offices Park, with responsibilities that included project management, construction management, marketing, operations, and tenant relations. In 2004, he decided to venture out on his own, creating iedifiko, Inc. a Building and Facilities Management Company. In September 2005, Caribbean Business ranked iedifiko, Inc. as the #1 Office Building Management Company in Puerto Rico. Enrique assists in several organizations as a member of their Board of Directors, none more important than Proyecto Niños de Nueva Esperanza, where he serves as its President since April 2009. Enrique has a B.A. graduated in Operations Research and Industrial Engineering and a M.A. in Engineering Management, both from Cornell University.

Ginoris López-Lay


Ginoris López-Lay Vizcarra has over 18 years of experience in the fields of banking and marketing. She is the founder of Resolve Consulting, a strategic planning and marketing firm, and currently serves as FirstBank’s Senior Vice President and Director of Retail Financial Services.Before joining FirstBank, López-Lay worked for Banco Popular, where she held numerous positions over her 16 year tenure. As a Financial Analyst for the Finance and Strategic Planning Group, she lend analytical support to the Strategic Planning, Finance, Marketing, Public Relations, Human Resources, and Commercial Real Estate divisions; as Vice President of Strategic Planning, she developed numerous successful strategies, including the design and launching of Puerto Rico’s highest volume transactional website. In 1998, she was named Senior Vice President and Manager of the Strategic Planning and Marketing Division. Among her achievements during this period were the launching of the loyalty program PREMIA, which obtained over one hundred thousand members during its first 12 months, and the strategy development and establishment of Ticketpop, an electronic ticket sales and processing program. In addition, as the person responsible for ensuing Business Knowledge, Loyalty and Customer Satisfaction at Popular, López-Lay led customer satisfaction initiatives and developed a brand repositioning strategy, managing to improve the bank’s competitiveness and perception as a financial institution. She also established the business knowledge function, which provided the Market Investigation division support in the decision-making process and the marketing investment analysis. López-Lay is a vice chairman of the Center for the New Economy since 2005. She has also serves as Chairman of the Marketing Committee and advisor to the Board of Trustees of the Sacred Heart University. Ginoris Lopez-Lay Vizcarra has a B.A. in Economics from the University of Pennsylvania and an MBA from the University of Michigan.

Jacques Chappuis


Jacques Chappuis is a Managing Director at The Carlyle Group where he is Head of Carlyle Solutions and serves on the firm’s Management Committee. He is also Chairman of AlpInvest Partners and a board member of Diversified Global Asset Management Corporation (DGAM). Mr. Chappuis joined Carlyle from Morgan Stanley, where he was President of Alternative Investment Partners (AIP), Morgan Stanley’s hedge fund, private equity, and real estate fund of funds investment business, and Head of Alternative Investments for Morgan Stanley’s Global Wealth Management division. Prior to Morgan Stanley, Mr. Chappuis was a Managing Director at Citigroup Alternative Investments where he held various leadership roles. Before entering the asset management industry, Mr. Chappuis worked as a strategy consultant at the Boston Consulting Group and in corporate finance at Bankers Trust. Mr. Chappuis received an M.B.A from Columbia Business School where he graduated with distinction and a B.S.M. from Tulane University.

Pinsy Rivera


In 1993, Mrs. Pinsy Rivera Ortiz obtained a Bachelor’s Degree in Food Marketing at Saint Joseph University in Philadelphia, where she later obtained a Master’s Degree in International Marketing. After graduation, she worked in the institutional food marketing area until consultants from Empresas Rivera Siaca, Inc. recruited her to manage the marketing department at their plastic container manufacturing plant. Her efforts helped reach the objective of increasing sales by 40% and she helped consolidate its products on the market. Later, Mrs. Rivera Ortiz became involved in the development and administration of construction projects. Among them are, the development of Estancias de la Sabana in the Municipality of Arecibo (a 232 housing unit project) and the administration of the building that houses the central administrative offices for the Correction and Rehabilitation Department in Hato Rey, and the State Insurance Fund Corporation regional offices in Bayamón. The administration, maintenance, and development of these facilities have been key points in the outstanding career of this development company, which Mrs. Rivera Ortiz presides. She also developed Condominio Woodlands, comprising 184 walk-up apartments in the Municipality of Trujillo Alto and is currently developing a housing project in the Municipality of Vega Baja, plus the new multi-use building, Calaf 33, in Hato Rey. Since 2007 she has been part of the Business School Advisor Committee at the Universidad del Turabo. Mrs. Rivera Ortiz is also a founding member and is part of the Board of Directors of Herencia, a non-for-profit organization which includes some members of the construction industry who firmly believe that economic development can walk hand-on-hand with conservation and should not be mutually exclusive. As its first goal, Herencia had the mission of constructing a new aviary to help in the efforts of preserving the Puerto Rican parrot, an endangered species. She is a member of the Legislative Committee of the Home Builders Association and Safari Club International.

Jorge Colón Gerena


Jorge Colón-Gerena is the principal shareholder and CEO of Wendco of Puerto Rico, Inc., the exclusive Wendy’s franchise operator in Puerto Rico. He has held this position since 1995 and currently oversees the operations and management of 76 high-performing restaurants with over $135 million in annual sales and 3, 096 employees. Under the direction of Jorge Colón-Gerena the chain grew from 20 to 76 locations in a period of 17 years while average sales for his restaurants have outperformed national averages by 50 percent. He is also the founder of Apple Caribe, Inc. the franchise operator for the Applebee’s family restaurant concept in Puerto Rico. This new formed company has invested nearly $5 million in just two years to open two establishments and expects to open three more locations by 2014. Other business interests include serving as shareholder and Chairman of the Board of Directors of Multisystem Restaurants, the holding company of the Sizzler chain of family restaurants in Puerto Rico. He also serves as shareholder and Chairman of the Board of Directors of Restaurant Operators, the holding company for the Longhorn chain of steakhouses in Puerto Rico. Together, these two companies operate 17 restaurants and have a turnover in excess of fifty million dollars in annual revenue. Mr. Colón-Gerena has been appointed to serve as a member to the Advisory Council on Small Business and Agriculture to the President of The Federal Reserve Bank of New York; he is an active member of the Board of Trustees of the Universidad Central del Caribe, Puerto Rico’s premier Medical University. He is also the founding President and a current director of the Puerto Rico Restaurant Association. Mr. Colón-Gerena is a member of the Young Presidents’ Organization (YPO) where he has held leadership positions including Chapter Chairman. Jorge Colón-Gerena holds a Bachelor’s degree in Arts & Sciences with a concentration in Business Management form the Interamerican University in San Juan, Puerto Rico and has completed Executive Management courses at Northwestern University and Harvard Business School. He is married and has two children. They live in San Juan, Puerto Rico.

Antonio Luis Ferré Rangel


Antonio Luis Ferré-Rangel is since 2002 , the Chief Operating Officer of Grupo Ferré Rangel , Puerto Rico’s principal communications group with interests in the services and real estate industries in the island as well as in Chile and the US. As COO, Mr. Ferré   holds direct responsibility over the Group’s commercial printing company Advance Graphic Printing, EL Día Directo the telemarketing, mailing and fulfillment business, City View Plaza its commercial office building, and DIS a distribution organization. He is also in charge of the group’s offshore operations. In the USA,   ENDO RE a real estate operations and FRGC the investments and operations company in Chile. Mr. Ferré initiated his career in 1992 as Assistant Plant Manager of Puerto Rican Cement Company in Ponce where he became familiar with grinding systems, equipment maintenance and quality control processes. He later was promoted to Vice President of Operations overseeing production processes in the lime and cement plants. In 1996, he became Vice President of Operations and Strategic Planning, where in addition to operations he was accountable for the planning and strategies implementation for the development of new business. In 1998, Mr. Ferré Rangel was appointed Executive Vice President and in 2001, he became its President and Chief Operating Officer. As President of Puerto Rican Cement, Mr. Ferre-Rangel oversaw the Ponce Cement Plant, Florida Lime, DMI real estate, Ready Mix a Concrete operations, St. Regis Paper, PEMCO the distribution company and Ponce Capital the financial arm. He held this position until August 2002, when Puerto Rican Cement Company was acquired by CEMEX – the construction materials multinational company. At present, Mr. Ferré also heads the Family Office with responsibilities for planning, budgeting, and other services to family members. He also sits at the Board of Directors of El Nuevo Día Puerto Rico’s largest newspaper. Aware of the increased need for corporate social responsibility, Mr. Ferré has been throughout his career very active in both professional and community affairs. He was President of  the Cement Producers Association- Caribbean Area,  Chairman  of the Board of Directors of the Centros Sor Isolina Ferré   an Educational Community Development Center , and Chairman  of the Board of Trustees of Sacred Heart University of  PR  from 2009-2011.  He is currently, President of the Academic and Student Affairs Committee of the University’s Board. He also serves in the Advisory Board of Thunderbird University Global Family Enterprise and is a member of the Board of Trustees of the Luis A. Ferré Foundation that runs the Ponce Art Museum. Antonio Luis Ferré Rangel holds a BA in Natural Sciences from the Sacred Heart University and in 1992 he obtained an MS in Business Administration from  Suffolk University in Boston, Massachusetts. He is married and has three children.

Gilberto Monzón


Mr. Gilberto Monzón is currently the Executive Vice President in charge of the Consumer Lending Group for Banco Popular de Puerto Rico. Prior to joining the bank, Mr. Monzón was Senior Vice President for Metmor Financial, and Executive Vice President at Puerto Rico Home Mortgage. Mr. Monzón has collaborated with the Puerto Rican Government and federal agencies in the development of credit policies and incentives for subsidized and affordable housing programs in Puerto Rico and the US Virgin Islands. He is currently Vice President of the Mortgage Bankers Association of Puerto Rico and served as its President from 2004 to 2006. He is the President of the Mortgage Committee of the American Bankers Association’s Puerto Rico Chapter, as well as a member the Government Relations Council for the American Bankers Association in Washington DC. Monzón is also member of Fannie Mae’s Advisory Board as well as the Affordable Housing Council. From 2004 to 2010, Mr. Monzón served as a member of the Residential Board of Governors of the Mortgage Bankers Association of America. Mr. Monzón’s studied Economics at Sacred Heart University. He attended the School of Mortgage Banking of the Mortgage Bankers Association of America. He has completed other studies in the areas of appraisal, financial planning, real estate and consumer credit.

Luis Silva


Luis Silva was born on June 30th, 1962 in San Juan, Puerto Rico. His education includes an Economics degree from Princeton University (1984) and a Finance M.B.A. from the Stern School of Business at N.Y.U. (1988). In 1984 he joined the London office of Woodhouse, Drake, and Carey, a commodities trade house specializing in coffee, cocoa and sugar. After finishing his M.B.A. Luis rejoined Woodhouse, this time in their New York office, where he worked as a sugar trader dealing with producers in Central and South America. Luis returned to Puerto Rico in 1992 and joined Able Sales Company, a family business founded by his father, Alvaro Silva. He became President of the company in 2000. Able Sales has successfully retained its position as the leading supplier of sweeteners and ingredients to the food and pharmaceutical industries in Puerto Rico, and has expanded its footprint as a logistics provider by opening Alindus, an ingredients distribution operation in the Dominican Republic, and C&C Bulk Liquid Transfer, a rail terminal in the port of Jacksonville, Florida. Luis is chairman of the board of La Fondita de Jesús, an organization working against homelessness, and serves on the board of the Housing Trust (FIDEVI), the Chamber of Food Marketing, Manufacturing and Distribution (MIDA), and the Center for a New Economy (CNE). Luis married Rosario Fernández-Morrell in 1995 and they have three children.

Joaquín Bacardí, III


JOAQUÍN BACARDI, III is President and Chief Executive Officer of Bacardi Corporation, a major producer and distributor of rum and other spirits, since April 2008 – 2016. Mr. Bacardí has extensive experience in the development and implementation of international marketing, sales and distribution strategies acquired throughout more than 28 years at various Bacardi companies and 3 years as Product Manager of Nestlé of Puerto Rico. As President and Chief Executive Officer of Bacardi Corporation, Mr. Bacardí directed and managed all business operations with full profit and loss responsibilities and government relations for Bacardi in the Caribbean, Mexico, Central and South America. Bacardi Corporation is a privately held business with approximately $300 million in assets and annual revenues of approximately $150 million during 2015. Prior to becoming President and Chief Executive Officer of Bacardi Corporation, Mr. Bacardí held positions in various Bacardi enterprises where, among other things, he was responsible for the development of all global communication strategies for Bacardi Limited’s whisky portfolio, with total sales of approximately $400 million, and supervision of marketing for all Bacardi brands globally. Mr. Bacardí’s vast experience in business operations in Puerto Rico and across various international markets, as well as his expertise in global communication strategies, have been of great benefit to their brands and company. Joaquín holds an MBA from the Massachusetts Institute of Technology, Sloan School of Management and a BS in Business Communications from Bentley University. He currently resides in Guaynabo, Puerto Rico.

Vadim Nikitine


Vadim Nikitine is the owner and President of CCM Group, a holding company with assets in the commercial real estate and the clean energy sectors. CCM’s real estate companies are partners in approximately 8 million square feet of commercial space in Puerto Rico, Florida, the Mid-Atlantic and the Midwestern United States. Mr. Nikitine’s for-profit activities serve as the financial driver of his work in social change. In 2006, he co-founded the Flamboyan Foundation with his wife, Kristin Ehrgood. In Washington DC, Flamboyan’s partnership with the public school system has resulted in improved teacher morale, increased student attendance, improved student behavior, increased standardized test scores, and drastic increases in family participation in all facets of their kids’ education. In Puerto Rico, the foundation is building a more engaged and strategic philanthropic sector for education; is leading an initiative to improve grade level reading in one of the island’s more challenging municipalities; and has partnered in a collaborative effort that seeks to increase college readiness among lower income students. Mr. Nikitine and Ms. Ehrgood previously co-founded Sapientis, a not-for-profit organization committed to improving public education in Puerto Rico by mobilizing a network of change agents. Mr. Nikitine is on the Board of The Maret School, an independent K-12 school in Washington DDC; and is an active member, as well as former Board Chairman, of Rare Conservation, an international environmental not-for-profit organization. Mr Nikitine is a graduate of Harvard University, where he obtained an undergraduate degree in economic development and sociology in 1989, and a master’s degree in Public Administration from the Kennedy School of Government in 2001.

Miguel A. Soto-Class


Mike Soto has had a wide range of experience in both the private and public sectors. In the private sector he has worked at law firms in Puerto Rico and the U.S. and in the banking sector as Assistant to the President of a bank in San Juan. He has also worked in the non-profit sector with California Rural Legal Assistance in San Francisco and has been involved with United Way and the Boys and Girls Clubs, where he served as a Board member, in Puerto Rico. In the Public Sector he has served as an appointed member of the Policy Group drafting a gubernatorial campaign platform and as Director of Public Policy and Legal Counsel in the Senate of Puerto Rico. Mike has a B.A. from Yale University and a Juris Doctor from Vanderbilt University. He is a past appointee by the Governor of Puerto Rico to the Board of Directors of the Corporation for National Service in Puerto Rico and to the Advisory Board of the Department of the Family. He has also been appointed by the President of the University of Puerto Rico to serve on the Board of Directors for the University Press. He is a member of the Board of Directors of the Baldwin School of Puerto Rico; the Advisory Council for the Conservation Trust of Puerto Rico; and the YouthSave Advisory Board at the New America Foundation in Washington, D.C. He was selected as an Aspen Institute Ideas Fellow in 2008. In 1999, Mike founded the Center for a New Economy (CNE), Puerto Rico’s first think-tank. CNE is an independent, nonprofit, research and policy development organization dedicated to promoting innovative economic development strategies. In 2003 CNE received the prestigious Zenith Award for Best Non-Profit from the Chamber of Commerce. Mike has been a columnist for El Nuevo Día, Puerto Rico’s largest circulation daily, since 2003. His first book, The Economy of Puerto Rico: Restoring Growth, was published by the Brookings Institution in 2006.

CNE Newsletter

Never miss an update!
Subscribe to the CNE Newsletter below: