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| Botin ousts Santander chief executive | Botin ousts Santander chief executive |
| (about 1 hour later) | |
| Ana Botin has moved swiftly to reshape Santander, ousting its chief executive after less than two years in the role. | Ana Botin has moved swiftly to reshape Santander, ousting its chief executive after less than two years in the role. |
| She took over as executive chairman of Europe's biggest bank in September following the death of her father Emilio Botin. | She took over as executive chairman of Europe's biggest bank in September following the death of her father Emilio Botin. |
| Javier Marin has been replaced by Jose Antonio Alvarez, who had been chief financial officer for a decade. | Javier Marin has been replaced by Jose Antonio Alvarez, who had been chief financial officer for a decade. |
| Santander named Jose Garcia Cantera as the new CFO and also appointed three new independent members to its board. | Santander named Jose Garcia Cantera as the new CFO and also appointed three new independent members to its board. |
| Ms Botin had been head of Santander UK since 2010 and chaired the bank's Spanish-based subsidiary Banesto for eight years before that. She began her banking career at JPMorgan. | Ms Botin had been head of Santander UK since 2010 and chaired the bank's Spanish-based subsidiary Banesto for eight years before that. She began her banking career at JPMorgan. |
| Mr García Cantera had been a highly rated banking analyst at Citi before becoming chief executive of Banesto, which was integrated with Santander Spain last year. | Mr García Cantera had been a highly rated banking analyst at Citi before becoming chief executive of Banesto, which was integrated with Santander Spain last year. |
| Chris Wheeler, a banking analyst, said that the decision was a major move, but not that big a surprise given that Ms Botin wanted to make her mark on the business and retained overall control in her capacity as executive chairman. | |
| He suspected that there may have been a clash of views about the direction that the bank should take. | |
| Ms Botin said that Mr Marin had "led the commercial transformation of our bank, bringing innovative management to lead our customer segmentation and service improvement initiatives, while also improving our profitability and efficiency". | Ms Botin said that Mr Marin had "led the commercial transformation of our bank, bringing innovative management to lead our customer segmentation and service improvement initiatives, while also improving our profitability and efficiency". |
| The bank has also appointed three new independent members to its board, bringing the total to 15 - 5 of whom are women. | The bank has also appointed three new independent members to its board, bringing the total to 15 - 5 of whom are women. |
| Shares in Santander rose 1.8% to 7.22 euros in Madrid following the announcement. | Shares in Santander rose 1.8% to 7.22 euros in Madrid following the announcement. |