Copa Holdings, parent of Panama’s Copa Airlines and Copa Airlines Colombia, has appointed director of planning Jose Montero as its new CFO.

He replaces longtime Copa CFO Victor Vial, who has held the post since 2000. Montero will officially assume CFO responsibilities March 15.

Copa CEO Pedro Heilbron noted Vial has been a key figure guiding the Panama City-based airline’s aggressive expansion. Fast-growing Copa’s capacity was up 19.1% year-over-year through the first two months of 2013.

Montero has been with Copa since 1993, serving as director of planning for the past nine years. Copa said Vial “will continue his involvement with the company as advisor to the board of directors.”