Carmen Ana Culpeper
Puerto Rican Business Executive

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Carmen Ana Culpeper replaces Puerto Rico Tel Chief Who Quits Amid Growing Scandal

By Larry Luxner
21 Apr 1997
Telephony,
Copyright 1997, Telephony

Four days after the government announced it would put state-owned Puerto Rico Telephone Co. up for sale, company President Agustin Garcia quit his $130,000-a-year job amid allegations that he is involved in one of the biggest tax scandals in the island's history.

"Slanderous and vicious accusations have been made against my person and my family that affect us directly," he said, adding that the accusations "could undermine trust" in the PRTC privatization process unveiled the week before by Gov. Pedro Rossello.

Garcia wouldn't speak with reporters, and Ileana Borges, the PRTC public relations director who distributed Garcia's statement to the press, resigned April 11-as did several other staffers.

Carmen Ana Culpeper, a former treasury secretary and San Juan banker, was appointed to take Garcia's place and oversee the privatization.

Garcia's departure after a 22-year career with PRTC followed reports that the telco had awarded millions of dollars in contracts to San Juan-based All Systems Electronics. That company's owner, local businessman Eladio Lopez, was arrested and charged earlier this month with 39 counts of tax evasion.

Garcia canceled the contracts but reportedly gave the work to another company that also was being investigated for failing to pay taxes. Just before quitting, Garcia denied reports that he had given juicy PRTC orders to telephone contractors who contributed generously to Rossello's New Progressive Party, which advocates statehood for Puerto Rico.

Garcia, who took the PRTC helm in January 1993, was no stranger to controversy. A year-and-a-half into his new job, he was found innocent of criminal contempt following charges that he was involved in the illegal surveillance and preparation of political files on PRTC employees. In April 1995, Garcia was sued for fraud and conspiracy during an alleged swindle of a local company while he was a private engineer in the late 1980s. Then last September, the president of the opposition Popular Democratic Party, Hector Luis Acevedo-who favors continued commonwealth status for Puerto Rico-accused the PRTC of bugging his home phone.

Meanwhile, PRTC's two biggest unions are moving to scuttle the privatization, which analysts say could generate $2.2 billion to $3.4 billion, based on the number of lines in service.

Opposition Senator Antonio Fas Alzamora has already filed legislation to ban PRTC's privatization, although the measure will probably die, given the legislature's dominance by lawmakers loyal to the governor and his pro-statehood party.

Meanwhile, Victor Garcia San Inocencio, a representative of the Puerto Rican Independence Party, says the resignation of Agustin Garcia is the best thing that could have happened. "I hope that this is the first step in cleaning the house, not selling it," he quipped.

Carmen Ana Culpeper to be replaced by Jon Slater as President and CEO Upon Close of Sale of PRTC to GTE

09 Nov 1998
Business Wire,
Copyright 1998, Business Wire

IRVING, Texas -- As the first major step in a long-range plan to speed the deployment of state-of-the-art telecommunications technology in Puerto Rico, a GTE-led consortium today designated Jon E. Slater to become president and CEO of the Puerto Rico Telephone Company (PRTC) upon FCC approval of the sale, expected in the first quarter of 1999. Until then, current president Carmen Ana Culpeper will continue to oversee PRTC's day-to-day operations.

In July, a GTE-led consortium submitted a winning bid for a majority stake in PRTC. As part of the consortium's plan, Slater, 52, announced details of GTE's promised $1 billion infrastructure investment and a program to designate Puerto Rico as an economic Region of Choice.

The GTE-led consortium's winning bid was accepted at more than $433 million for a 51 percent-plus-one-share stake in PRTC after the payment of a $1.565 billion dividend to the Puerto Rico Telephone Authority. Banco Popular, a local bank holding company and GTE's partner, will acquire at close of the sale at least a 5 percent interest from the shares GTE has agreed to buy.

Puerto Rico Telephone Company is the principal subsidiary of the Puerto Rico Telephone Authority. It is the island's largest provider of telecommunications services to both the business and consumer markets, including local exchange, long distance, wireless and Internet access services. PRTC serves more than 1.3 million access lines, more than 155,000 cellular subscribers and more than 237,000 paging customers. In 1997, PRTC reported assets of $2.4 billion, with operating income of $242.2 million and operating revenues of $1.2 billion.

Carmen Ana Culpeper Appointed to Board of Directors of Banco Santander Puerto Rico

5 Apr 1999
PR Newswire
Copyright 1999, PR Newswire

SAN JUAN, Puerto Rico. -- Banco Santander Puerto Rico (NYSE: SBP) has announced the appointment of Carmen Ana Culpeper to the Bank's Board of Directors.

During a professional career spanning 32 years, Culpeper has occupied important positions in both the public and private sectors. These include the presidency of the Puerto Rico Telephone Co. during the past two years, her work as senior vice president with Clark Melvin Securities and with Donaldson, Lufkin and Jenrette. She also served as president and chief executive officer of New York State's Mortgage Agency, in charge of the financing of housing for low-income families, and was also Treasury Secretary of Puerto Rico from 1981 to 1984. Culpeper is president-elect of the Puerto Rico Chamber of Commerce, where she is expected to begin her term in July.

"Our institution is highly satisfied with the addition of Carmen Ana Culpeper to our Board of Directors. Certainly her broad experience and knowledge will strengthen our team", said Benito Cantalapiedra, president of Banco Santander Puerto Rico.

Culpeper has a Magna Cum Laude bachelor's degree in Business Administration from the University of Puerto Rico and a master's degree in the same field from the Wharton School of Business. She has been recognized for her outstanding achievements by the Chamber of Commerce, the Bar Association, the Certified Public Accountants Association, the American Businesswomen's Association and the group of Women Insurance Professionals.

At the national level, she has been included in "'Who's Who in America". The Hispanic Affairs Office and the Puerto Rico Institute of New York have granted her the "Outstanding Citizen Award", for her work on behalf of Hispanics. Furthermore, in 1988 she received the "Puerto Rico Heritage Award", granted by the Mayor of New York, and the prize as the "Most Distinguished Woman in Public Administration" from the Wharton School Alumni Association, among others.

Banco Santander Puerto Rico is a publicly owned company, with assets of over $7.2 billion, whose shares are sold on the New York Stock Exchange. Banco Santander, S.A., Spain's leading banking group, owns 78.3% of the outstanding common stock. The bank has been operating in Puerto Rico for 22 years and provides a wide range of services in the areas of commercial, mortgage and consumer banking, supported by a team of 1,711 employees. The Bank has 77 branches in Puerto Rico, 14 of which are automated teller machines that operate under the name "Red Express", and a branch in New York.

Centennial Announces Culpeper as New Director

25 Jul 2000
Business Wire
Copyright 2000, Business Wire

NEPTUNE, N.J.--(BUSINESS WIRE)--July 25, 2000--Centennial Communications Corp. ("Centennial") (NASDAQ: CYCL) announced today that Carmen Ana Culpeper has agreed to join the Centennial board. Ms. Culpeper was president of the Puerto Rico Chamber of Commerce from June 1999 to June 2000 and continues to serve on its Executive Board.

She was president of the Puerto Rico Telephone Company ("PRTC") from 1997 to 1999 and prior to that held various positions in corporate finance at, among others, DLJ and Citibank. In addition, from 1981 to 1984, Ms. Culpeper served as Secretary of the Treasury of the Government of Puerto Rico. Ms. Culpeper is currently a director of Santander Bancorp, the second largest bank in Puerto Rico.

"I am delighted to welcome Carmen to the Centennial board," said Michael J. Small, president and chief executive officer. "Carmen's prior experience with PRTC, her extensive relationships throughout the Caribbean and her rich background in Puerto Rican and Caribbean finance will be tremendous assets for Centennial as we continue to grow our business in the Caribbean."

Centennial is one of the largest independent wireless telecommunications service providers in the United States and the Caribbean with approximately 18.9 million Net Pops and over 585,500 wireless subscribers. Centennial's domestic operations have approximately 6.3 million Net Pops in small cities and rural areas. Centennial's Caribbean integrated communications operation owns and operates wireless licenses for 11.4 million Net Pops in Puerto Rico, the Dominican Republic, Jamaica and the U.S. Virgin Islands, and provides voice, data and Internet services on wireline networks in the region. Centennial also holds minority shares representing approximately 1.2 million Net Pops in U.S. cellular operations controlled and managed by other operators. Welsh, Carson, Anderson & Stowe and an affiliate of The Blackstone Group are controlling shareholders of Centennial. For more information regarding Centennial, please visit our website at www.centennialcom.com.

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