Banco Santander, Ana Botin Instigate Executive Shuffle

Banco Santander SA (SAN) has promoted Jose Antonio Alvarez to the role of Chief Executive Officer, replacing Javier Marin as part of Ana Botin’s first board shakeup since her installment as Chairman.

Back in September, Mrs. Botin succeeded her father Emilio as Chairman, having previously served as the Head of Santander’s British operation. In the newest move, Mr. Alvarez will serve as the bank's CEO, with Jose Garcia Cantera replacing Alvarez as Chief Financial Officer.

The appointments are slated to take effect January 1, 2015. According to Daragh Quinn, an analyst at Nomura International in a recent telephone interview on the board moves, “Ana Botin is obviously looking to put her own stamp on the bank. Alvarez is very well known to the markets, he has a strong knowledge of the bank. He is well-suited for the role.”