Santander ousts CEO as Ana Botin makes her mark


Banco Santander SA [fortune-stock symbol=”SAN”], Spain’s largest banking group, ousted its CEO and appointed its finance chief to replace him in Ana Botin‘s first big move as chairwoman since taking over after the death of her father, Emilio.

The bank said in a statement that Jose Antonio Alvarez, who has been CFO for the last 10 years, will take over from Javier Marin, who was appointed only two years ago by Botin’s father. In addition, it appointed three new independent non-executive directors, in what appears an attempt to broaden the oversight of a bank that has traditionally been dominated by a tight circle with links to its origins in northern Spain.

Bruce Carnegie-Brown, a JP Morgan Chase & Co veteran who is now chairman of insurance giant Aon’s U.K. business and the price-comparison website , will join Santander as the lead independent director on the board, along with…

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