Booth Alumnus Alvarez named CEO of Large Spanish Bank

Jose Antonio Alvarez, a member of Chicago Booth’s inaugural Executive MBA Program Europe class in Barcelona in ’96, has been named CEO of Banco Santander. Previously Alvarez held the position of CFO at the Spanish banking giant for more than a decade. His new appointment and role takes effect on the first day of the New Year.

‘‘Mr. Alvarez is an experienced and well-regarded executive whose leadership should be positive for Santander and the shares,’’ Citigroup analysts Stefan Nedialkov and Francesco Di Giambattista, said to the New York Times. ‘‘We expect continuity, predictability and potentially more transparency on issues such as capital and strategic priorities.’’

Alvaro Cuervo, director of the University College of Financial Studies in Madrid, described Alvarez’s world outlook to the news and financial service Bloomberg. Cuervo and Alvarez worked together on the board of Bolsas y Mercados Espanoles.

“The new CEO is characterized by his vision of global markets,” said Cuervo. “Perhaps the focus on Spain loses emphasis. And perhaps it will mean an increase in emphasis on investment banking.”

Before joining Banco Santander in 2002, Alvarez had worked for companies related to Banco Bilbao Vizcaya Argentaria SA since 1995, and was appointed CFO in 2004. He was in Banco Santander underwent a leadership change following the death of Chairman Emilio Botín in September. He was succeeded by his daughter Ana Botín, previously head of Santander’s British operation. She has sought to strengthen the bank against tougher competition and stricter regulation, according to Bloomberg. The lender has operations from the US to Poland and Brazil.

Information used in the post originated from a Press Release on Chicago Booth’s website.

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