Guillermo Lasso

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Lore & Background

Lasso was born in the Orellana neighborhood of Guayaquil to a middle-class family on 16 November 1955. At age 15, he worked to earn money for his baccalaureate service at Colegio La Salle High School. He studied economics at the Pontifical Catholic University of Ecuador in Quito but left without a degree. In 1970, he began working part-time at the Guayaquil Stock Exchange, later at Cofiec and Finansa. In 1978, he founded Constructora Alfa y Omega with his older brother Enrique. He married María de Lourdes Alcívar in 1980; they have five children. In the 1990s, Lasso was named head of Coca-Cola's Ecuador operations after the company's local bankruptcy, tasked with restructuring it. He became CEO of Banco Guayaquil in 1994, founded the Bancos del Barrio community banking program (cited by the Inter-American Development Bank as an advancement in grassroots banking), and resigned as Executive President in 2012. He is the largest shareholder in Banco de Guayaquil through a trust with his initials, GLM. Lasso served as Governor of Guayas from 1998 to 1999, then as Superminister of Economy under President Jamil Mahuad in 1999, taking over IMF negotiations during an economic collapse. He served as Itinerant Ambassador under President Lucio Gutiérrez from January to April 2003. He founded the Creating Opportunities Party in 2012. He ran for president in 2013 (22.68% of votes, second to Rafael Correa), in 2017 (48.84%, lost to Lenín Moreno), and won in 2021 with 52.4% against Andrés Arauz. His presidency focused on COVID-19 vaccination and IMF-backed economic relief via tax increases on the wealthy, but rising food and fuel prices sparked protests, with concerns over human rights abuses. In May 2023, facing a second impeachment, he dissolved the National Assembly using muerte cruzada, triggering a general election in which he did not run.

Reader's Guide

Guillermo Lasso's political career is defined by three presidential campaigns and a single, interrupted term. He first ran in 2013, coming in a distant second to President Rafael Correa with 22.68% of valid votes. In 2017, he advanced to a run-off against former vice president Lenín Moreno, narrowly losing with 48.84% and alleging electoral fraud. His third campaign in 2021 saw him narrowly advance to the April run-off, where he defeated socialist Andrés Arauz with 52.4% of the vote, an upset victory described as a win for free-market advocates. As president, Lasso vowed to uphold a $6.5 billion IMF financing agreement and focused on COVID-19 vaccination initiatives and economic relief through tax increases on the wealthy. However, increases in food and fuel prices culminated in protests, and the government's response raised concerns over human rights abuses, including crackdowns on indigenous protests and alleged excessive force against journalists. His approval rating dropped significantly throughout 2022 and into 2023. In May 2023, the National Assembly began a second impeachment proceeding against him; on 17 May, Lasso dissolved the Assembly using muerte cruzada, triggering the 2023 general election, in which he did not run and was succeeded by Daniel Noboa. His business background—CEO of Banco Guayaquil for over 20 years, head of Coca-Cola's Ecuador operations, and founder of the Bancos del Barrio program—shaped his free-market economic approach.

Did You Know?

• Lasso worked at age 15 to pay for his baccalaureate service at Colegio La Salle High School.
• He founded his first company, Constructora Alfa y Omega, with his older brother in 1978 when he was 23.
• Lasso was named head of Coca-Cola's Ecuador operations in the 1990s after the company's local bankruptcy, tasked with restructuring it.
• He founded the Bancos del Barrio program, a community banking initiative cited by the Inter-American Development Bank as an advancement in grassroots banking penetration strategy.
• In March 2020, Lasso created the humanitarian initiative Saving Lives, raising US$8 million to help purchase medical supplies for the Ecuadorian Health System during the COVID-19 pandemic.