Banco Santander’s board of directors has announced the appointment of Glenn Hutchins as its new vice chair and lead independent director. This decision follows the recommendation of the board’s nomination committee and is effective from October 1, 2023. Mr. Hutchins will join José Antonio Álvarez, a non-executive director, who also serves as a vice chair of Banco Santander.
Mr. Hutchins, who became a non-executive (independent) director at Santander in 2022, is set to succeed Bruce Carnegie-Brown. Mr. Carnegie-Brown will be retiring from the board in 2024 after an impactful tenure of over nine years. In addition to becoming lead independent director, Mr. Hutchins will also take over from Mr. Carnegie-Brown as chair of the board remuneration committee, also effective from October 1, 2023. To ensure a smooth transition, Mr. Carnegie-Brown will remain a member of the remuneration committee until the 2024 annual general meeting (AGM). While stepping down from the board executive committee and innovation & technology committee, Mr. Carnegie-Brown will continue to chair the board nomination committee until the AGM.
Ana Botín commented on the appointment and transition, stating: “We are deeply appreciative of Bruce’s exceptional contributions to Santander’s board throughout the past nine years. His insights and guidance have been invaluable as the bank has navigated a period of significant growth and achieved considerable success. Glenn is an excellent choice to succeed Bruce and has already made substantial contributions to the board of directors since joining last year. I am eager to collaborate more closely with him in his expanded role as lead independent director.”
Santander’s board of directors is composed of 15 members, with an impressive 66% being independent directors. The board’s composition reflects a commitment to diverse expertise, incorporating a wide range of professional backgrounds, nationalities, and skills. Furthermore, demonstrating a commitment to gender diversity, 40% of the board members are women.
