- Push-out Score determined
- After less than two years in the position
- Praise for Tolchinsky
- Jorge Salas taking over
- Tolchinsky said 118 words
(exechange) — Panama City, Republic of Panama, January 27, 2020 — Gabriel Tolchinsky, chief executive of Bladex, leaves. As announced by Banco Latinoamericano de Comercio Exterior SA in a news release on Monday, January 27, 2020, N.Gabriel Tolchinsky leaves his post as chief executive officer at the multinational bank after less than two years in the role, effective March 9, 2020.
Gabriel Tolchinsky’s duties as CEO will be taken over by Jorge Salas, currently Chief Executive Officer of Banesco USA.
The fact that Gabriel Tolchinsky’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
“Orderly and programmed succession plan”
Gabriel Tolchinsky’s departure from the CEO post is explained as follows. Bladex said: “As part of an orderly and programmed succession plan, and in coordination with Gabriel, for several months, the Board conducted a thorough internal and external search, which concluded in the engagement of Mr. Jorge Salas as new CEO.”
Precise information regarding Gabriel Tolchinsky’s future plans was not immediately available.
Bladex said: “[E]ffective March 9, 2020, Mr. N. Gabriel Tolchinsky will step down as Chief Executive Officer. He will be succeeded by Mr. Jorge Salas.”
Share price decline
The announcement follows a decline in Banco Latinoamericano de Comercio Exterior SA’s share price of 24% since April 2018.
Chaired by Miguel Heras
Banco Latinoamericano de Comercio Exterior SA is chaired by Miguel Heras.
In the position of CEO since 2018
Gabriel Tolchinsky became CEO of the Company in 2018.
N.Gabriel Tolchinsky has served as Bladex Chief Executive Officer since April 2018.
Tolchinsky joined the Bank as Chief Operating Officer – Executive Vice President in May 2017, after serving as an External Consultant since 2014, and was appointed Deputy Chief Executive Officer in February 2018.
In 2013, he was a founding partner and Chief Administrative Officer of Maritime Finance Company Ltd., founded by KKR and specializing in maritime finance.
Tolchinsky was also a founding partner of Helios Advisors LLC investment funds from 2002 to 2013, focused on commodity-related companies; FinAccess International Inc., from 2000 to 2002, a Mexican investment fund management company where he served as Chief Operating Officer; as well as a founding partner of Columbus Advisors LLC from 1995 to 2013, specializing in fixed income instruments in emerging markets, where he served as Portfolio and Risk Manager.
He previously held various positions in investment banking on Wall Street, New York, from 1985 to 1995, including Producing Manager of Emerging Markets Fixed Income Sales at Merrill Lynch from 1991 to 1995.
Tolchinsky holds a degree in Mathematical Sciences from Tel Aviv University, Israel, as well as a Master of Science (Operations Research) degree and a Master of Arts (Statistics) degree, both from Columbia University, New York, U.S.A.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Bladex and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 5.2020 ($).