ricardo_martinelliIn a historic landslide vote, University of Arkansas graduate Ricardo Martinelli won the presidential election in Panama on May 3. Martinelli, 57, of the opposition Alliance for Chance, was declared the winner with 87 percent of the votes counted.

As his term begins on July 1, Martinelli will be challenged with guiding Panama through the worldwide economic crisis and the $5.25 billion expansion of the Panama Canal to increase its capacity and accommodate larger ships.

A native of Panama, Martinelli attended middle and secondary school in the United States. After earning his Bachelor of Business Administration at the University of Arkansas in 1973, Martinelli pursued a master’s degree in finance from de Central American Institute of Business Administration in San Jose, Costa Rica.

He began his career with Citibank in Panama and now owns Super Mercados 99, the largest supermarket chain in Panama. His business savvy garnered him a professional distinction in Panamanian business and government. Among his leadership positions, he served as general director of the Panama Social Security System.

In 1999, he was appointed by the President of Panama to serve as minister for Canal Affairs and chairman of the Panama Canal Authority, in which he was instrumental in the transition of the Panama Canal from the United States to the Republic of Panama.

In 2002, he was honored with a Citation of Distinguished Alumni award from the Arkansas Alumni Association for distinctive service and leadership in business and government.

“The entire University of Arkansas Family beams with pride over the election that has elevated Ricardo Martinelli to the presidency of the Republic of Panama,” said Mike Macechko, executive director of the Arkansas Alumni Association. “We share in his elation over this achievement!”