In January, two former Baer CEOs -- Chief Executive Boris Collardi, now a partner at Geneva wealth manager Pictet, and his successor Bernhard Hodler -- were reprimanded by FINMA for money laundering-related failings involving Venezuelan oil company PDVSA and corruption at FIFA.
Palacios, who joined the company in February, 2019, when it created a board independent of Venezuelan state oil firm PDVSA, stepped down as chairperson last October.
Luisa has provided vital service to our company and has made enormous contributions during a pivotal time in the history of Citgo.