University of Arkansas Graduate Wins Panama Presidential Election

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

Martinelli, whose term begins on July 1, 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.

Martinelli is a native of Panama who, attended middle and secondary school in the United States. He earned his Bachelor of Business Administration at the University of Arkansas in 1973, then pursued a master’s degree in finance from the 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 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!”

The University of Arkansas has a long relationship with the Republic of Panama. In 1951, the College of Agriculture, now called the Dale Bumpers College of Agricultural, Food and Life Sciences, established an agricultural foreign mission in Panama, the first time an American land-grant institution had assembled such a mission. Professor emeritus Paul Noland received Panama’s top award for a non-Panamanian in 1997 for his contributions to development of the country’s agriculture.