“MADRID—Banco Santander SA SAN.MC +1.92% announced the resignation of Chief Executive Alfredo Sáenz, following a wave of criticism of a recent move by the Spanish government to relax its standards of conduct for bankers to allow Mr. Sáenz to keep his job despite a criminal conviction.
A spokesman for Spain’s central bank, the Bank of Spain, said the announcement Monday was a “positive step” that should have a “favorable effect on the stability of Spain’s financial sector,” but didn’t amplify on the reasons for the resignation of the 70-year-old banker. Mr. Sáenz will be replaced as CEO by Javier Marín, until now managing director of the bank.
Santander’s shares rose Monday following news of Mr. Sáenz’s resignation.
The decision followed discussions between Mr. Sáenz and officials at the central bank, according to people familiar with the talks. At least one person said the central bank had indicated to Mr. Sáenz that it was likely to conclude that he didn’t belong in a senior role at the bank, suggesting that the central bank had a sterner view of Mr. Sáenz’s case than the government of Prime Minister Mariano Rajoy….”
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