Overview

• Marcel left his post citing personal reasons a day after President Gabriel Boric removed Agriculture Minister Esteban Valenzuela.
• Boric swore in Nicolás Grau, previously economy minister, to lead Finance and named Álvaro García Hurtado and María Ignacia Fernández Gatica to Economy and Agriculture.
• The exit comes weeks before the 2026 budget is presented and months before November’s general elections, intensifying questions about policy continuity.
• Opposition figures called the departure a sign of political weakness and warned of market uncertainty, while allies praised Marcel’s technical record.
• During his tenure, Congress approved a pension reform and Chile raised the minimum wage substantially between 2022 and 2025.