Moved, no sleep just after dawn landing in Madrid, Ana Patricia Botín went in yesterday afternoon’s board of Banco Santander at the headquarters of Majadahonda like CEO after a lightning designed by his father.
Emilio Botín died in Madrid on the eve of a heart attack after a hectic process that had not been important collaborators, as just four days before had been fiddling even football in his 79 years with the Fiat Chief John Elkann , among others.
A 20 days 80 years old and seven months of having to submit their resignation to reelection, Booty was no public signs of preparing relieved, but another thing is that I had quietly planned. In a protocol known for its loyal vice Fernando de Asúa Matías Rodríguez Inciarte and Guillermo de la Dehesa , among other contributors, activated from the Santander immediate succession to avoid instability of the first bank in the Eurozone. Regarding the death of Booty is met, the shares began to fall into an entity that, despite being directed by the family, it has only 1% of the capital. Foreign funds have so far supported the management of Booty, but a process of long and uncertain succession was more difficult to drive by the current management.
“I hope that the issues that have to be solved been done with as quickly as possible “, publicly called first thing the Prime Minister, Mariano Rajoy. Any instability in the Santander has a contagious effect on the Spanish financial sector and the national stock exchange.
Protocol provided
Booty and planned, as shown in Article 24 of the Regulations of the Board, how he had to act after his death. He wanted his daughter to succeed him, but keeping forms so that they were independent non-executive directors and executives, they posed the continuity of the series. The well-known protocol provided by, among others, the governor of the Bank of Spain, Luis Linde – was launched first thing in the morning.
Booty Asúa old friend and the label “independent outside director” immediately met the nomination committee to submit to the Board its proposed new President Ana Patricia Botin, responsible for Santander in the UK since 2010 and successful manager, according to a report released Tuesday by Deutsche Bank before the events came about.
The proposal was approved early in the afternoon and unanimously in an emotional plagued council loyal to Booty like Abel Matutes, Isabel Bacon, Juan Miguel Villar Mir and Rodrigo Echenique . According to sources close to the meeting, Ana Patricia showed his management experience and handled with integrity that was both necessary decisions on the bench as the family organization of the burial of the deceased.
“The board of directors Banco Santander has agreed unanimously to appoint president of the organization to Ana Botin. This appointment is proposed by the nominating committee and remuneration committee, which met this morning, “he told the Santander to National Stock Market Commission (CNMV) to 17.39 hours, with the market market and closed after a fall of 0.65% contribution less pronounced than at the beginning of the day. The relay was closed in less than 24 hours after the death of the man who had headed the bank since 1986 Few institutions react as withering in such situations.
“Everything has been done with the speed and look forward to the president wanted,” assured WORLDWIDE next to board sources. In fact, the statement began with the appointment of Ana Patricia said. Only in later paragraphs the board communicated his regret at the loss. “Fernando Asúa, vice president of the company and president of the appointments and remuneration committee, expressed deep regret for the death of the president and said ‘Emilio Botín has been important to the Bank, by staging a remarkable transformation same, making it the first in the Eurozone and one of the largest in the world, and to Spain ‘, words that had the support of all the directors. “
Ana Patricia Booty: “I appreciate the confidence ‘
The main risk of the new president is the perception that the bank is controlled by a dynasty alien to modern uses of corporate governance and, to this challenge, the statement continued thus: “The appointments and remuneration Ana Botin is considered ‘the best person given their personal and professional qualities, his experience, his career in the Group and their unanimous national and international recognition.’” Analysts polled by Financial Times highlighted the challenge of relieving banker reputation Booty. “At Santander all in the family”, the British newspaper headline, while praising the work of Ana Patricia in the presidency of the fifth British bank
The first public words were these heiress. “In these so difficult for me and my family, just appreciate the confidence of the board and assume total commitment to my new responsibilities “
Vindicate their professionalism.” For years I worked in the Santander Group in various countries and responsibilities and I could see the sheer quality and dedication of all our teams. Will continue to work with full determination to continue building a Banco Santander every best to our customers day, employees and shareholders. “
In the press release there was some reference to the current CEO, Javier Marín , named in 2013 by Emilio Botin and considerate man of high trust it. Sources close to the council said that the relationship between it and the new president is good for years and thought it unnecessary to mention beyond the generic reference to “quality” of the entire team of the organization.
On Monday, Ana Patricia Botín chair its first extraordinary general meeting of shareholders, coinciding with the appointment and called to vote on the approval of the offer to acquire the minority interest in the subsidiary in Brazil.
At first, the board is simply held to give the ‘thumbs up’ for this operation, but after the death of Emilio Botín is expected that the successor to the presidency of the entity engaged parting words verbalize his father and committed to continuing his legacy to put the bank among the top ten institutions in the world by market capitalization, reports Europa Press.
Surprises and condolence
The Marin himself dispatched last Sunday until late with Booty as so often in a death caused surprise among his colleagues. Reactions to his death were complimentary to your figure and not evoked the most controversial episode, when he had to regularize a fortune in 2011 after the discovery of their Swiss bank accounts HSBC . Neither your pulse in recent years to keep the condemned as CEO Alfredo Saenz court. The current governor of the Bank of Spain, which forced out with support Sáenz Economy Minister Luis de Guindos, stressed in a statement that the Spaniard “always knew how to unite the interests of the entity with the service and respect for the interests General of Spain. “
Rajoy, who maintained a distant relationship with booty until he came to the presidency of the government, called ‘blow’ his death and De Guindos, evoked the support of the banker to Spain in difficult times risky rescue.
The leader of the PSOE, Pedro Sanchez, expressed “sadness”. Only the leader of United Left, Cayo Lara said in the House of Representatives that, unlike Rajoy, he thought that “it is not a reference to the Spain Brand ‘. We can also leader, Pablo Iglesias, distanced himself from the general praise: “My condolences to the family of Booty. However I have to say it has represented the excessive political and economic power of banks in Spain. ” Not use the word caste this time.
Your mates Business Competitiveness Council (CEC) , chaired by César Alierta , lamented the ” significant loss “and praised” the vision of Booty to understand that the economic world is going to become a global environment. “
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