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Fund still without real man on helm
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Posted on Apr 02 1999
More than three months since the retirement of former administrator of the NMI Retirement Fund, the agency has yet to decide on who will take over the mantle left by Edward Manglona.
A new administrator within the next few weeks is still a long shot as the Retirement Fund board has yet to decide whether to announce the position open for applicants, but acting NMIRF chief Fred Camacho said the board could begin choosing a possible candidate by this month.
Although the Fund’s policy-making body has pointed to lack of quorum to decide on the matter as chief reason for the delay, an internal conflict may have prolonged the search for a replacement.
For now, no one has emerged a clear successor of Manglona who retired in December after 11 years of serving the Fund to be in the private sector.
While several people have appeared to be jockeying for the post, the board has kept mum on the names who could be anointed as the next administrator to steer NMIRF into the new millennium.
“Who else is being considered for the position? All I hear is rumors, but there are several people out there whom I have heard are interested in the position,” said Camacho.
The deputy administrator during Manglona’s tenure, Camacho expressed doubt he would assume the post of his former boss — whose term drew praise for his efficient management of the Fund’s multimillion-dollar stock investments.
Asked what his chances are, the current administrator simply said that “there is very little chance I would get it… because if the board wanted me to get the position, they could have appointed me a long time ago.”
But Camacho explained that there is a possibility that the search for other candidates will begin within this month, shrugging off perception that the board has found the lack of likely candidates a burden.
A meeting last week by board directors, who currently need two more governor-appointed members to complete its mandated number, failed to resolve the issue.
“Unfortunately the board could not get a majority decision on whether or not to announce the position soon,” Camacho said. “There is still no consensus.”
