“Per today’s executive committee meeting, from which I recused myself, the trustees decided to extend Mr. Aguon’s contract for 90 days,” Fund Chairman Juan T. Guerrero told Variety in an e-mail.
Yesterday was Aguon’s supposed last day at the agency he served for 12 years in different capacities.
The committee, during the early part of the board meeting, decided to defer its decision on who to choose — Aguon or the board chairman’s son-in-law, David Guerrero.
A director was supposed to take over from Aguon as acting Fund administrator until the committee makes its choice.
The committee members were supposed to separately interview the two applicants.
According to Guerrero, “When they reported that there were only two candidates and my son-in-law was one of them, I informed my vice chairman and the legal counsel to proceed with the review without me. Early on, during our executive session, I told them, if there’s a conflict of interest I would consider talking to my son-in-law to withdraw his application.”
The panel is scheduled to interview the two applicants on Oct. 1.
“The whole board, except for me, will do the interview,” said Guerrero.
Like Aguon, Guerrero’s son-in-law has a bachelor’s degree in economics.
But David Guerrero also has a master’s degree in business and used to work for the California office of Franklin Templeton, a financial consulting money manager.
The board chairman said it’s now up to the selection committee if it wants to retain Aguon.
“Mark is a good administrator, unfortunately, there are two applicants,” he said.
The Fund pays its administrator $70,000 annually.
