Ricardo Martinelli

Ricardo Martinelli
Name	Ricardo Martinelli
Caption	Martinelli in 2010
Order	36th
Office	President of Panama
Term start	July 1, 2009
Term end	July 1, 2014
Vicepresident	Juan Carlos Varela
Predecessor	Martín Torrijos
Successor	Juan Carlos Varela
Birth date	11 March 1952
Birth place	Panama City, Panama
Party	Democratic Change (2009–present), Other affiliations: Alliance for Change (2009–2014)
Spouse	Marta Linares de Martinelli (m. 1978)
Alma mater	University of Arkansas, INCAE Business School
Occupation	Businessman, politician

Ricardo Martinelli served as the 36th President of Panama from 2009 to 2014, leading the country through a period of significant economic growth and major infrastructure projects. A wealthy businessman before entering politics, his administration was marked by ambitious public works like the Panama Metro and the Cinta Costera, though it later became embroiled in corruption scandals. His post-presidency has been dominated by extensive legal battles, including convictions for money laundering and an Interpol notice, alongside a dramatic political comeback.

Early life and education

He was born in Panama City into a family of Italian descent, with his father owning a profitable import-export business. He completed his secondary education at the private La Salle College in Bogotá, Colombia, before moving to the United States for university. He earned a Bachelor of Science in Business Administration from the University of Arkansas and later a Master of Business Administration from the prestigious INCAE Business School in Costa Rica, an affiliate of Harvard Business School.

Business career

Upon returning to Panama, he took over the family business following his father's death, transforming it into a major conglomerate. He founded Super 99, a highly successful supermarket chain that became a cornerstone of his retail empire, which also included ventures in banking, agriculture, and media. His holdings expanded to include the Banco Universal and significant stakes in Cementos Panamá, making him one of the country's wealthiest individuals. This business acumen and name recognition provided a powerful platform for his subsequent entry into national politics.

Political career

His initial foray into public service began with appointments to state-owned enterprises, including serving as Director of the Social Security Fund and Chairman of the Board of Directors of the Transístmica Region Authority. After an unsuccessful presidential bid in 2004, he founded the Democratic Change party, positioning himself as a conservative, pro-business alternative. Capitalizing on public discontent, he formed the Alliance for Change coalition with the Panameñista Party and secured a decisive victory in the 2009 Panamanian general election, defeating the candidate of the Democratic Revolutionary Party.

Presidency (2009–2014)

His administration, often called the "Government of Change," pursued aggressive economic policies and launched a historic public infrastructure program. Major achievements included the inauguration of the first line of the Panama Metro, the expansion of the Panama Canal via the Third Set of Locks Project, and the completion of the Cinta Costera highway. He maintained strong relations with the United States and oversaw Panama's removal from the Financial Action Task Force grey list. However, his governing style was criticized as confrontational, and his alliance with Vice President Juan Carlos Varela fractured, leading to Varela's dismissal from the cabinet.

Post-presidency and legal issues

After leaving office, he faced numerous investigations by the Panamanian Public Ministry and was implicated in international scandals, including the Panama Papers and the Odebrecht bribery case. In 2021, he was acquitted in a high-profile wiretapping case but was later convicted and sentenced for money laundering in the New Business case. He sought asylum at the Embassy of Nicaragua and was subsequently disqualified from running in the 2024 Panamanian general election, though the Supreme Court of Panama later overturned this ban. An Interpol Red Notice was issued for his arrest, and he was extradited from the United States to face charges.

Personal life

He is married to Marta Linares de Martinelli, a former First Lady of Panama who is also a politician and served as a Member of Parliament. The couple has three children: Ricardo, Luis, and Carolina Martinelli Linares. His family has been involved in his business and political endeavors, with his sons holding positions within the Democratic Change party structure. He maintains residences in Panama City and has been a prominent figure in Panamanian high society and philanthropic circles, though his legal troubles have significantly impacted his public standing.

Category:Presidents of Panama Category:Panamanian businesspeople Category:1952 births Category:Living people