Sergio Rial resigns from the board, although he will continue as president of Santander Brazil and Ebury


The Banco Santander board of directors announced this Saturday the appointment of Glenn Hutchins as a new independent director, at the proposal of the appointments committee, according to the press release sent by the entity.

In addition, Sergio Rial has announced his intention to resign from the Santander council as of January 1. The vacancy he leaves on the board will be filled by Héctor Grisi, while Rial will continue as president of Santander Brazil and Ebury.

Regarding the appointment of Hutchins, the bank has indicated that it will be effective once the relevant approvals have been obtained. In addition to being a member of the board, the financier will form part of the appointments committee, the remuneration committee and the innovation and technology committee.

Glenn Hutchins was co-founder and CEO of Silver Lake, a private equity firm focused exclusively on technology investments in the United States, Europe and Asia. He is also Chairman of North Island and North Island Ventures, an investment firm specializing in early-stage crypto asset companies.

For more than nine years he was a member of the New York Federal Reserve (Fed), a position he held until January 2021. He is currently a director of AT

He has also been a director of institutions such as the Harvard Management Corporation, which manages the Harvard University endowment, for a decade. He is president of the global charity CARE, co-chair of the nonprofit research center at the Brookings Institution, and vice president of the Obama Foundation. He was an adviser to former US President Bill Clinton on issues of economic policy and health care.

Hutchins will replace R. Martin Chávez, who left his position as external director of the group last July.

The president of Banco Santander, Ana Botín, has expressed her satisfaction with the incorporation of Glenn Hutchins to the board of directors. “Glenn brings a deep understanding of the technology and financial sectors and how the two are increasingly intertwined. He has a global vision of the challenges and opportunities that lie ahead and will help us drive our transformation,” she said.

Regarding the departure of Rial, Botín has thanked the “extraordinary contribution” of this manager to the board in recent years. “I am very happy that he continues to support the group from his functions in Santander Brasil and Ebury”.

In this way, the Santander council will be made up of 15 members, two-thirds of whom are independent. In addition, 40% of directors are women.