President José Antonio Kast named Bernardo Fontaine as the new chair of Codelco’s board, replacing Máximo Pacheco, effective May 26. The move comes amid government criticism of prior management over production shortfalls and financial performance.
President José Antonio Kast announced the appointment of economist Bernardo Fontaine as chair of Codelco’s board on Thursday. Fontaine will assume the role on May 26 along with new directors Luz Granier and Alejandro Canut de Bon.
The three replace Máximo Pacheco, Josefina Montenegro and Alejandra Wood. Biminister Daniel Mas said the incoming directors will receive a special mandate to investigate possible overestimation of production figures and conduct an audit.
Fontaine stated that Codelco “runs with a lead backpack” and that it must be lightened, pointing to rising debt and challenges in costs and projects. Finance Minister Jorge Quiroz praised Fontaine’s experience but warned of inherited problems in production and economic performance.
