UBS - Banco Santander names head of its Mexico bank to succeed Alvarez as CEO

Banco Santander (NYSE:SAN) ADRs are rising in U.S. Friday premarket trading after the Madrid-based bank nominated Héctor Blas Grisi Checa, currently CEO of Santander Mexico and head of North America, to become the company's next CEO and a group director, effective Jan. 1, 2023. He succeeds José Antonio Álvarez, who has been with Banco Santander (SAN) since 2002, served as chief financial officer starting in 2004, then CEO in January 2015. After the transition, Álvarez will remain on the board as non-executive chair. Grisi will oversee the Santander's (SAN) digital transformation and growth strategy as Europe is struggling with high inflation and still very low interest rates. The CEO transition comes more than three years after the bank had hired UBS's Andrea Orcel to succeed Álvarez, but had rescinded the offer after Orcel demanded that Santander (SAN) pay him deferred compensation he lost at his former employer. See SA contributor Mark

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Banco Santander names head of its Mexico bank to succeed Alvarez as CEO