Executive Officers

Javier G. Teruel, 71
Executive Chairman Nominee

Mr. Teruel is an experienced board member of public and private corporations in Mexico and the United States, and has forty-four years of experience in business management and more than a decade of experience in private equity investments. Mr. Teruel has been a cofounder and Partner of Spectron Desarrollo, S.C., an impact investment and consulting firm, since 2007, and Chairman of Alta since 2017. Mr. Teruel served as Vice Chairman of Colgate-Palmolive Company, a consumer products company, from July 2004 to April 2007, when he retired. Prior to being appointed Vice Chairman, Mr. Teruel served as Colgate-Palmolive Company’s Executive Vice President responsible for Asia, Central Europe, Africa, and Hill’s Pet Nutrition. After joining Colgate-Palmolive Company in Mexico in 1971, Mr. Teruel served as Vice President of Body Care in Global Business Development in New York and President and General Manager of Colgate-Mexico. He also served as President of Colgate-Europe, and as Chief Growth Officer responsible for the company’s growth functions. Since September 2005, Mr. Teruel has been an independent board member of Starbucks Corporation (NASDAQ: SBUX). From 2016 to 2021, he was an independent board member of The Nielsen Co. B.V. (NYSE: NLSN). From 2007 to 2010, he served on the Board of Directors of The Pepsi Bottling Group, Inc., and from 2008 to 2020 he was an independent director of Old Copper Company, Inc. (previously known as J.C. Penney Corp. Inc., and listed as NYSE: JCP). He also has been active on several boards of Mexican private enterprises, including Banco Finterra (from 2009 to 2021), Grupo ATSA (since 2006), a non-metallic mineral business, and Corporación Geo, S.A.B. de C.V. (from 2007 to 2009), a housing projects developer. Mr. Teruel has a Bachelor´s degree in Business Management from Universidad Iberoamericana and he completed Harvard University´s International Senior Management Program.

Reynaldo Sandoval, 43
Chief Executive Officer and Director

Mr. Sandoval founded Arago in 2018. From 2013 to 2018, he was the Vice President and Director of PineBridge Investments, a private global asset manager, in Mexico and led PineBridge’s Mexico City’s Office, where he handled top-tier transactions, alongside prestigious national and international funds. From 2006 to 2013, Mr. Sandoval was a consultant in McKinsey & Company’s Private Equity Practice where he worked in the Mexico, Sao Paulo, New York and Dubai offices serving clients in the private equity, banking, and insurance sectors. Prior to this, in 2005 Mr. Sandoval was a consultant at the World Bank in Washington, D.C. and a purchasing manager in PSA Peugeot Citroën (known today as Stellantis) in Poissy, France from 2003 to 2004. Mr. Sandoval has earned a master’s degree in Technology and Policy from the Massachusetts Institute of Technology (MIT) and a bachelor’s degree in Civil Engineering from Universidad Nacional Autonoma de Mexico (UNAM). Mr. Sandoval is also a CFA Charterholder.

Jose de Aguinaga, 57
Chief Operating Officer Nominee

Mr. de Aguinaga has thirty years of experience in the fixed income, currencies, rates and equity markets of Latin America, and particularly Mexico, and more than twenty-five years holding key management positions in top-tier international banks. Since 2020, he has been a Partner of Alta and previously served as a member of its Strategic Advisory Board from 2014 to 2020. From 2011 to 2020, he served as Chief Executive Officer of Casa de Bolsa Santander, the brokerage firm of Banco Santander, where he was also head of Equities and Corporate Finance. Mr. de Aguinaga led the team which structured and placed Fibra UNO, the first REIT in the Mexican market. From 2007 to 2011, Mr. de Aguinaga worked at UBS Bank Mexico as a Managing Director and Chief Executive Officer where he established a banking and brokerage operation in Mexico, and a brokerage operation in Argentina, while he was responsible for managing sales for Latin American for global FICC (fixed income, currency, commodities) products. As Chief Executive Officer, Mr. de Aguinaga was responsible for the oversight of the bank´s operations in Mexico. Before joining UBS, he was Managing Director of BBVA Bancomer in London from 1996 to 2001, where he managed the Latin American sales, trading and research business of fixed income, currencies and rates products. Mr. de Aguinaga worked at InverMexico USA, a registered US broker dealer, from 1991 to 1993. Additionally, in 1992 he cofounded Latinvest Securities, a Latin American investment bank where he successfully organized and led its FICC sales, trading and debt Capital Markets efforts. Latinvest was acquired by BBVA Bancomer in 1996 and became BBV Latinvest where Mr. de Aguinaga worked until 2001. Mr. de Aguinaga also has many years of experience as an independent board member of financial institutions and several companies. From 2014 to 2021, he served at the board of Indeval, the central securities deposit agency in Mexico and from 2016 to 2021, he was a board member of CCV, the clearinghouse for the Mexican Stock Exchange (BMV). Since 2016, he has been a board member of the Mexican Derivatives Exchange (MexDer), a futures and options exchange in Mexico, and Multimovil, a company specialized on leasing and buying modular offices, and since 2008, of Multibodegas, a warehouse leasing company. Mr. de Aguinaga holds an MBA from ITAM, a Management Degree from IPADE Business School and a B.Sc. in Industrial Engineering from Universidad Iberoamericana

Jessica Ruiz, 40
Chief Financial Officer, Secretary and Treasurer

She has been part of Arago’s investment team since 2019, where she is responsible for oversight and managing of Arago’s financial operations. Prior to joining Arago, Ms. Ruiz held diverse operating roles in Philip Morris Mexico, a large consumer goods company, from 2003 to 2014. In 2011, Ms. Ruiz led the centralization of the planning operations of PMM’s Central America and the Caribbean affiliates in Mexico and the Sale and Operations Planning (S&OP) process for Mexico and Central America. From 2012 to 2014, as a Planning Manager of PMM’s North Cluster, she was responsible for the strategic planning of the supply chain operations for Mexico, Central America, and the Caribbean. Ms. Ruiz studied Actuarial Science at Instituto Tecnológico Autónomo de México (ITAM) and is currently studying for a Management Degree at Universidad Tecnológica Latinoamericana (UTEL).

Board of Directors

Adalberto Palma, 70
Director nominee and nominee for Chairman of the Board

Mr. Palma has a 40-year career in the financial sector. Mr. Palma was the President of the National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores or “CNBV”), the main regulator of financial institutions, intermediaries, and public securities markets in Mexico, between 2018 and 2020. Mr. Palma also served as an external advisor to the Office of the President of Mexico from the time he left CNBV until December 2020. Since May 2021, he has served as an Executive Advisor for Latam at BEWorks, a business consulting agency specialized in Behavioral Economics. Mr. Palma is also a founding partner of APERTURE, S.C., (2004) and Proxy Gobernanza Corporativa S.C., (2006), consulting firms specialized in corporate governance. He led the Mexican operations of Bankers Trust Mexico (1994-1999) and had a significant role as a board member of Instituto para la Protección al Ahorro Bancario, Mexico’s bank deposit insurer (1999-2003). Prior to this, from 1975 to 1994, Mr. Palma worked at Banamex (currently known as Citibank México) where he had several top executive positions, including the Executive Director of the firm (1992-1994). He has served as Director and Advisor to numerous prominent financial institutions including Grupo Actinver, Bolsa de Valores, Afore Azteca, ING Afore and Círculo de Crédito. Before his appointment as Chairman of CNBV, Mr. Palma was the President of Unión de Instituciones Financieras Mexicanas, an association of financial institutions that promotes competition in Mexican financial system, and the Executive Director of Aspen Institute in Mexico. Mr. Palma is a MPS candidate from Cornell University and holds a B.Sc. in Biochemical Engineering from Instituto Tecnológico y de Estudios Superiores de Monterrey.

Enrique Tellez, 58
Director

Mr. Tellez is a prominent real estate developer with an expertise in business strategy, funding and corporate governance in real estate companies. Since 2002, Mr. Tellez has been the owner of Desarrolladora del Parque, a real estate development company he co-founded that has developed residential projects and corporate office in Mexico City and Queretaro through partnerships with several different companies, including Walton Street Capital, Grupo Gigante Inmobiliario, Banco Invex and Grupo JORISA. Since co–founding Desarrolladora del Parque, Mr. Tellez has led many high profile projects including Puerta Alameda in Mexico City and Empresalia in Queretaro. As President of the National Association of Real Estate Developers since March 2019, Mr. Tellez has been a key spokesperson and has led critical negotiations with federal and local authorities and other stakeholders. During the pandemic, he participated in the development of the operation and health security guidelines for the reopening of the construction industry and malls. From 1987 to 2001, Mr. Tellez worked at McKinsey & Company in Mexico City, New York, San Francisco and Madrid, becoming partner in 1997. From 2012 to 2017, he was the Chairman of Harvard Mexico Foundation, an organization that provides scholarships and loans to Mexican citizens who are admitted for graduate studies in Harvard, and in which he continues to be an advisor. Mr. Tellez is also the President of APAC, a non-profit organization dedicated to support children with cerebral palsy, and a board member of the Mexican Museum of Modern Art. Mr. Tellez holds an MBA from Harvard University and a BA in Economics from Instituto Tecnológico Autónomo de México.

Pilar María Aguilar, 53
Director nominee

Ms. Aguilar has more than a decade’s experience as an angel investor and a board member of high-growth companies. Ms. Aguilar has been an independent board member of Fibra Danhos, a publicly traded REIT, since 2013 and of Zurich Insurance Mexico since 2016. Since 2013, she has also been an independent board member of Kubo Financiero, a Mexican Fintech company, where she is a member of the Audit and Compensation Committees. Since October 2019, she has been a member of the advisory board Escuela Bancaria y Comercial, a privately-owned education company in Mexico. From 2011 to 2016, she managed Endeavor Mexico, the country’s largest startup incubator. During her tenure, Endeavor tripled the number of supported entrepreneurs with branches in 13 states. Ms. Aguilar was also responsible for the development of the Endeavor Investor Network and for supervising and recommending investments for the Endeavor Catalyst fund. Prior to this, Ms. Aguilar had an extensive career as a consultant. From 1990 to 1998 she worked at McKinsey & Company, with a sector focus on energy and transportation, and from 2006 to 2010 she was the Human Capital Director of Bain & Company. She also co-authored four books on entrepreneurship and is a recurrent speaker at Women’s Forum Global Meeting and TEDx. Since 2018, she has been a judge of the award “EY Entrepreneur of the Year” in Mexico. In 2020, she was a board member of the National Tourism Business Council (Consejo Nacional Empresarial Turístico, or CNET), a coalition of national businesses in the hospitality sector. Ms. Aguilar has a B.Sc. in Chemical Engineering from Universidad Iberoamericana and an MBA degree from the University of Texas at Austin.