The Board of Directors of Afore XXI Banorte has appointed Felipe Duarte Olvera as their new CEO, position he started on Monday, December 10. He replaces Juan Manuel Valle Pereña, who for almost two years led Mexico's largest pension fund.
According to a statement from the firm, "the appointment is made as an agreement between the partners to promote and strengthen the professional management of Afore XXI Banorte, for the benefit of savers and customers, as well as investors and employees... The mandate for the new CEO is to protect and increase worker's savings, while generating value for investors."
Duarte Olvera had been working since January 2016 as Deputy CEO of Infrastructure and Energy at Grupo Financiero Banorte. Between 2013 and 2015, also within the Banorte Financial Group, he was Deputy CEO of Customer Experience. Previously, he was the Undersecretary of Transportation of the Ministry of Communications and Transportation (SCT), Undersecretary of Competitiveness and Regulations of the Ministry of Economy, and Technical Secretary of the Mexican President's Economic Cabinet.
He holds a Master's Degree in Business Administration from Harvard Business School; He holds a degree in Administration and a Public Accountant from the Instituto Tecnológico Autónomo de México.