The board of directors of Banco Santander has appointed José Luis de Mora Gil-Gallardo as vice chairman and new executive head of Santander Consumer Finance.
De Mora will combine his new responsibilities with his current role as head of Strategy and Corporate Development for the Group, a role through which he has taken part in the international expansion of this company through acquisitions in different countries. As head of Consumer Finance, his main role will be to define and execute a new strategy for the business that will enable it to continue growing and make the most of the franchise's potential.
He joined the Santander Group in 2003 from Merrill Lynch, as head of the Group's strategic plan and acquisitions. In 2015, he was appointed senior executive vice president and head of the Group's financial planning and corporate development. Since February 2019, he has also been responsible for the Group's strategy.
He replaces Magda Salarich Fernández de Valderrama who, after more than 11 years holding such position, has decided to retire to pursue different projects focusing on those that contribute to social progress.
Banco Santander Group executive chairman, Ana Botín, said: "Magda Salarich has managed Santander Consumer with enormous success over the past 11 years. In this period, she has successfully established the business as a leader in consumer finance in Europe, building a solid, diversified model with sustainable, high profitability and a customer-centric approach. We will miss her pragmatic style and excellent management skills.
"Santander Consumer has had exceptional results and I am sure that José Luis will put in place a new strategy that will enable us to continue achieving profitable growth in this business. The board and I would like to congratulate Magda and thank her for her 11 years of service to the Group."
Santander Consumer Finance has a presence in 15 European countries through more than 130,000 associated points of sale (between car dealers and retailers). It also has financing agreements with major car and motorcycle manufacturers and retail distribution groups.
In 2018, its attributed underlying profit was EUR 1,296 million, representing 13% of the Group's operating profit, and it achieved an underlying RoTE of 15.9%.