Santander Announces Second Major Management Shakeup Since September

By Jeannette Neumann

MADRID--Ana Botin, executive chairman of Banco Santander SA (SAN.MC), on Tuesday announced her second major management shakeup since she took over in September, as she continues to put her stamp on the eurozone's largest bank by market value.

Juan Rodriguez Inciarte is stepping down from Santander's board for "personal reasons," Santander said Tuesday in a regulatory filing. Mr. Rodriguez Inciarte has been a board member since 2008 and was considered by many in Madrid and Barcelona financial circles to be an ally of Emilio Botin, who died in September and was replaced by his daughter Ana.

The bank said Mr. Rodriguez Inciarte will leave his role as senior executive vice-president in December.

The Spanish bank also said that Rami Aboukhair will replace Enrique Garcia Candelas as Spain country head. Mr. Aboukhair worked closely with Ms. Botin when she led the bank's U.K. unit for four years before becoming executive chairman. Mr. Garcia Candelas will now head Santander's unit in Portugal.

The bank will also create a new and separate board to oversee Santander's Spain unit. Rodrigo Echenique, considered to be a longtime confidante of both Mr. Botin and his daughter, will chair the new board while maintaining his position as vice chairman at the group level.

"This will bring its governance structure in line with the group model which exists in other country subsidiaries," Santander said in a statement.

Javier San Felix will lead the retail bank in Santander's U.K. unit, and Ignacio Benjumea, general secretary of the board, will be replaced by Jaime Perez Renovales, who had previously worked at Santander. Mr. Benjumea will serve on the board of Santander's Spain unit.

"Our goal in making these changes is to have the best qualified professionals in the right roles," Ms. Botin said in the statement.

Write to Jeannette Neumann at [e-mail]

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