INCAE Foundation Governance
The INCAE Foundation is governed by a Board of Directors whose members have distinguished careers in business, government, higher education, and other fields. The current members of the Board of Directors are:
Víctor Balestra
Chair
Víctor Balestra is a retired banker with 40 years of experience in the Latin American international banking sector. He held business development and management positions at C&S International Bank in New Orleans, First National Bank in Minneapolis, Riggs International Banking Corporation in Miami, and Espírito Santo Bank in Florida, where he retired as Chairman of the Board in 2012. Originally from Uruguay, Víctor resides in Coral Gables, Florida.
Michael Williams
Vice Chair and Secretary
Michael Williams is a partner at the international law firm Hogan Lovells, based in Washington, D.C., where he practices in the corporate and finance group, representing nonprofit healthcare organizations in strategic transactions. He also teaches at the University of Virginia School of Law. He resides in Millwood, Virginia.
Stephen Campbell
Treasurer
Steve Campbell is a retired executive from SunTrust Banks (now Truist). He has served on the INCAE Foundation Board of Directors since 2009 and was Treasurer and Chair of the Investment Committee for more than 10 years. He resides in Chapel Hill, North Carolina.
Roberto Artavia
Roberto Artavia is Chair of the Board of INCAE Business School. He served as the School’s President from 1999 to 2007. An INCAE graduate, he was the first alumnus to become President of the School and the first Central American to hold that position. He is a consultant to governments and private companies throughout the region. He resides in Costa Rica.
Brizio Biondi-Morra
Brizio Biondi-Morra is former Chair of the Board of INCAE Business School, where he also served as President and professor. He is also former President of AVINA, a foundation that promotes sustainable development, and of the Social Progress Imperative, home of the Social Progress Index. He resides in Costa Rica.
Enrique Bolaños
Enrique Bolaños served as President of INCAE from 2015 to 2025. Previously, he held corporate executive roles, with more than 30 years of experience in the United States, Mexico, Colombia, and Belgium. He holds an MBA from INCAE Business School. Born and raised in Nicaragua, he resides in San José, Costa Rica.
Camelia Ilie Cardoza
Camelia Ilie Cardoza is a leader with more than 30 years of experience in strategy, innovation, and financial management in organizations across Europe, Latin America, and the United States. Before her appointment as President of INCAE Business School in 2025, she served as Dean of Strategy and Institutional Affairs, Dean of Executive Education and Strategic Innovation, President of the Center for Leadership, and Full-Time Professor at INCAE. Over the past decade, INCAE’s Executive Education and Innovation area has ranked among the Top 25 worldwide in the Financial Times rankings. In partnership with Emeritus, she also led the creation of INCAE Online, an online education startup. More than 6,500 participants from 15 countries attend INCAE programs each year.
George W. Logan
George W. Logan is a seasoned entrepreneur who has owned, operated, or invested in a wide range of businesses, including automobile dealerships, a bank in his hometown of Roanoke, Virginia, logistics warehouse construction and leasing in Poland, and several other real estate ventures. He served as Chair of the INCAE Foundation Board for 20 years, through 2022. He resides in Roanoke, Virginia.
Cristina Lopez-Gottardi Chao
Cristina Lopez-Gottardi Chao is a research professor and Director of Programming at the Miller Center at the University of Virginia. Prior to her appointment in 2007, Cristina held positions at Emory University’s Institute for Comparative and International Studies, the University of Miami North-South Center, and Barclays Bank’s Regional Office for Latin America. She resides in Charlottesville, Virginia.
David Price
David Price is the chief executive officer of PriceSmart, the largest membership warehouse club operator in Latin America and the Caribbean. PriceSmart has approximately 12,500 employees in 12 countries and one US Territory. David represents the third generation in the Price family to oversee PriceSmart, which was a pioneer in the retail warehouse club model. He lives in San Diego, California.
Peter Rodríguez
Peter Rodríguez is Dean of the Jones Graduate School of Business and the Virani Undergraduate School of Business at Rice University. He is an economist specializing in global trade and economic development and serves on the Board of Directors of the Federal Reserve Bank of Dallas. He resides in Houston, Texas.
Federico Sacasa
Federico Sacasa most recently served as Chief Executive Officer of Fundación Sin Límites para el Desarrollo Humano (SinLímites), a nonprofit organization in Costa Rica that succeeded the Nicaraguan Foundation for Economic and Social Development (FUNIDES), of which he was founder and first president. Federico served for more than 30 years as a senior executive in international finance in the United States, Peru, and Japan, holding leadership positions at Wells Fargo, Banco de Crédito del Perú, Bank of America, and Aozora Bank. He resides in Costa Rica.
Francisco RR de Sola
Francisco RR de Sola is the retired Chairman of De Sola Group, a 128-year-old Central American family business. He has been involved with INCAE since 1963 and resides in San Salvador, El Salvador.