CaixaBank keeps its executives on the new management committee and adds three from Bankia | Companies

The CaixaBank board of directors approved yesterday the new management committee of the new entity resulting from its merger by absorption of Bankia. As this newspaper has already advanced, the number of members of this committee is 14, headed by Gonzalo Gortázar, CEO of the entity and in charge of presiding over this body, and of reporting directly to the board of directors.

The current chairman of Bankia, José Ignacio Goirigolzarri, will be chairman of the new CaixaBank, which from March foreseeably will become the largest bank in the Spanish market. The banker, however, will lose executive functions in his new role, although he will be responsible for the communications, internal audit and board secretariat departments, three divisions in which CaixaBank executives sit.

In the statement released yesterday, it is clear that the entity’s chief executive will be Gortázar. Although Bankia has managed to place three of its executives on the new management committee, a committee in which CaixaBank maintains its 11 executives as before. In this way, CaixaBank will control 78% of the management committee.

Thus, in addition to the CEO, Juan Alcaraz, general director of business, will sit in the highest management body of CaixaBank, thus remaining number three in the institution. Xavier Coll, will be general director of human resources, although this manager will leave his position in January 2022, and will be replaced by David López, from Bankia.

Jordi Mondéjar will be the general director of risks; Iñaki Badiola, director of CIB & International Banking; Luis Javier Blas, will be the new media director of the merged entity. Matthias Bulach will have under his direction accounting and management and capital control; Manuel Galarza will be responsible for compliance and control, while María Luisa Martínez remains in the position of director of communication and institutional relations, although she will now report to Goirigolzarri.

Javier Pano, will be the financial director, Marisa Retamosa, director of internal audit will also report to Goirigolzarri from the integration.

Eugenia Solla, from Bankia, will be the new sustainability director. Javier Valle, director of insurance and Óscar Calderón will be the general secretary and of the board, who will be under the umbrella of the new president, once Jordi Gual leaves his position at CaixaBank next month if at the end the calendar that manages the entity.

Of the three directors from Bankia, David López is the one who will hold the most prominent position, since there are only three general directions in the organization chart, and he will occupy one of them from 2022.

In this way, of the CaixaBank leadership, made up of 15 members if Goirigolzarri is included, even though he is not on the management committee, Bankia has placed four executives in the first ranks of the entity, representing 27% of the total of the first ranking of executives, practically the same percentage as the weight that the Madrid-based entity has in the new merged bank.

In addition, some sources highlight the fact that Goirigolzarri will be responsible for three directorates that are occupied by executives from CaixaBank.

In this way, the distribution of the leadership has imposed an almost mirror structure of the final shareholding presence of the merged bank, where the current shareholders of CaixaBank will have 74.2% of the capital and those of Bankia with 25.8% , with a State participation through the FROB of 16.1%.

This new organization chart has yet to go through its ratification in a next council resulting from the merger.

The merger is expected to materialize in the coming weeks, before the end of the first quarter of this year, after receiving all authorizations. The operational integration will take place before the end of the year.

According to Gortázar, the new team is “what the entity needs to face the great challenges that the sector will face in the coming years.” For his part, Goirigolzarri expressed his wish that “the merger materializes as soon as possible and that the new team begins to work together on the project that gives rise to the largest financial institution in Spain.”

The design of the new CaixaBank organization chart also takes place after they have decided to close the stage by completing the work for which four of its main executives arrived at Bankia: the CEO, José Sevilla; the person in charge of communication and external relations, Amalia Blanco; Miguel Crespo, secretary; and Antonio Ortega, head of media management at the entity.

Previously, the financial director, Leopoldo Alvear, had left the bank, who has been signed by Banco Sabadell for the new team that is forming its new CEO, César González-Bueno.


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