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Home > About GDB > Gallery of Presidents

Gallery of Past Presidents


Alfredo Salazar (1975-1976, 2005-2007)

Alfredo Salazar graduated from Villanova University with a degree in Economy. He pursued graduate studies in Finance at New York University and Harvard Business School. He devoted most of his professional life to commercial banking. Salazar began working with Banco Popular de Puerto Rico and then moved on to Chase Manhattan Bank, where he came to lead the operations of the institution in Puerto Rico, Argentina and Brazil. In 1989, he returned to Puerto Rico as President of Banco de Ponce, just before it merged into Banco Popular. From 1993 to 1998, Salazar was based in New York overseeing the operations of PaineWebber in Latin America. He subsequently returned to Puerto Rico to preside over Palmas del Mar Properties, Inc., the renowned development company of the famous residential and resort complex in Humacao.

Salazar entered the public sector in the 1970s as Vice President of Finance and later President of the Puerto Rico Industrial Development Company. In 1975, he was appointed Executive Vice President of the Government Development Bank.

He was appointed President of the GDB during the last months of 1975. Before this designation, he served as Executive Vice President and, during Mr. Guillermo Rodríguez's presidency, he headed business efforts with the international financial community.

Fiscal year 1975 was a difficult year for Puerto Rico's economy, perhaps as for many other areas, the most difficult since the accelerated descent of the Great Depression in the 1930s. The combined world recession and the inflation aggravated by elevated oil prices had a depressive impact on Puerto Rico's prosperity. The Commonwealth and its agencies had to adjust rapidly to the prevailing conditions. His first term as GDB President ended in December 1976.

He returned to public service in early 1990 as Economic Development Administrator and as member of the Board of Directors of the Government Development Bank, among other boards, until 1993.

On February 5, 2005, Salazar returned to public service as member of the Board of Directors of the Government Development Bank, appointed by Governor Aníbal Acevedo Vilá. In March, he was elected President of the Bank by the Board and, subsequently, on August 20, 2005, he became Interim President of the Bank. 

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