Ricaurte Vasquez will take the reins of the Panama Canal Authority this fall, the organization announced Friday.

Vasquez will take over as Panama Canal Administrator 4 September, replacing Jorge Quijano who held the post for seven years and spent a total of 40 years with the waterway.

"We are committed to ensuring that Mr. Vasquez acquires the knowledge and expertise required for a smooth transition," said Quijano.