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Grupo Patio’s latest bet surprised the market.
The signs that an executive movement could be coming were lit on Tuesday afternoon, when AFP Capital reported that its general manager, Jaime Munita, would leave office at the end of this month.
In less than 10 minutes the mystery was cleared up: Grupo Patio communicated through an essential fact to the Financial Market Commission (CMF), that Munita would become the CEO of the company as of July 1.
In the coming weeks, AFP Capital will inform who will be Munita’s successor in the general management of the administrator, at key moments for the pension reform.
The president of Grupo Patio, Andrés Solari, stated that “his mission will be to lead the great team that Grupo Patio has, in order to accelerate our business plans in Chile and abroad.”
He assured that “with the incorporation of Jaime, we concluded a process that has involved important changes in the company, which began with a financial strengthening, through a capital increase, and which have subsequently aimed to strengthen our shareholder base, our government. corporate and compliance”.
High seniority
The search for a new CEO for Patio began in 2023, following the departure of Álvaro Jalaff from the position. As confirmed by insiders of the firm to DF, the search process for the new general manager was led by the president of the board of directors, Andrés Solari, in addition to the hiring of the New York headhunter firm Kingsley Gate.
The profile, meanwhile, was defined. The shareholders – who were joined a few months ago by Guillermo Harding – were looking for an executive who met the characteristics of leadership, autonomy and seniority, especially in a context in which there is no controller at Patio.
Munita’s career in the financial world – where he joined the ranks of Banco Santander, Celfin Capital (today BTG Pactual) and Corpbanca in Colombia – was another of the credentials that tipped the balance towards the AFP Capital executive.
From the Patio environment they assured that part of the criteria focused on finding a complement for the firm in the interaction and connection with different actors in the financial world.
“Joining Grupo Patio in this new stage is a tremendously attractive challenge,” highlighted Munita.
The successor at AFP Capital
Jaime Munita landed in the general management of AFP Capital in September 2018 when the administrator hired him from Compass Group, where he served as country head.
The administrator reported that during the coming weeks – once the corresponding process is carried out, as established by the company’s corporate governance bodies – her replacement at AFP Capital will be communicated, who must take the reins of the firm at a critical time. public debate around changes to the pension system.
Recognized in the market for his high team leadership and achievement of goals, Munita was at the head of AFP Capital in moments that marked the pension industry in recent years, such as pension fund withdrawals, the implementation of the Universal Guaranteed Pension (PGU) and the Law of Parental Responsibility and Effective Payment of Alimony Debts (No. 21,484).
