Alfredo Saenz, the embattled chief executive of the Eurozone's largest bank, Santander, stepped down today after a prolonged legal battle over whether he should be barred from banking because of a criminal conviction.
The company said in a statement that Saenz, 70, stepped down voluntarily and thanked him for his work at the bank. The bank's board named Javier Marin, 46, as Santander's new CEO.
Saenz was convicted in 2009 for making false accusations against debtors in 1994 when he was head of Banesto bank, which is now part of Santander. Saenz was sentenced to a brief period in jail, but the sentence was suspended, according to Reuters, which added the bank did not say how much Saenz would be compensated upon leaving the bank.
Marin, who joined the bank in 1991, previously served as executive vice president of global private banking and asset management and insurance at Banco Santander SA.
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