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The Authority shall have an Executive Director appointed by the Board, with the approval of the Governor of Puerto Rico, and each of its subsidiary corporations shall have an executive director appointed by the Executive Director of the Authority, with the approval of the Board. Each executive director shall hold office at the pleasure of the appointing authority and until his successor has been appointed. Each executive director shall be the senior executive of his respective organization and shall perform such duties and shall have such responsibilities and powers as are prescribed by the appointing authority. History —Apr. 12, 1941, No. 26, p. 388, § 4; May 15, 1950, No. 429, p. 1048, § 3; June 30, 1955, No. 106, p. 622, § 3; June 27, 1958, No. 131, p. 315, § 3.