10 September 2014

Emilio Botin is dead. Ana Patricia Botin nominated as new chairman

Hart attack, home, last night
ES
Press release

Commission for nominations to meet today. Then administration council at 16:00 CET to ratificate.
His daughter Ana Patricia Botin, currently CEO of Santander UK, is probably the new chairman (ES) and (ES)

reuters with stinky reactions.
bloomberg

Nomination of Ana Botin as new chairman is official: Communicate
FT criticizes the nomination process: too quick (ES) That is senseless. Emilio Botin died at 79. The succession plan was ready and applied.

Photos: Emilio BotinAna Botin
Some peers reactions (bloomberg)
An article from Brazil about Ana Botin (PT)
Parallel biography of Ana Botin with emphasis on her mistakes (ES)

Anecdotes about the Botin's clan with a focus on the women (ES)
Review of the people around Ana Botin (ES)

Speech during Sep 15th General Assembly (EN) with some extracts in 4-traders
Javier Marin confirmed as CEO (ES)
Criticisms of the regulatory changes (ES)

Overview of main shareholders (ES)
- BlackRock : 4.77%
- Capital Research and Management company : 2.96%
- Credit Suisse: 2.87%
- JPM : 2.78%
- Barclays : 2.69%
- BNP : 2.67%
- Emilio Botin : 0.66%
- Ana Patricia Botin : 0.149%
- Francisco Javier Botin : 0.13%

That makes 18.74% (out of the Botin)
Where are the other 80 percents?
This stays my biggest unknown about Santander. How does the Botin family gets its mandate? My guess is that these 80% are mainly in Spain, for generations, active in General Assemblies, and trusting the current management (including in its choice of Ana Botin as chairman) but it is only a guess.

This article from elconfidencial.es gives details:
Institutionals have 57% of the shares, board 3%, and small investors 40%.
The 40%+3% give unconditional support.
The 57% are split, with about half going against Botin family role.
I would not be surprised in case the split of the 57% is following geography (in Spain supportive, ...)

1 comment:

  1. Good comment, Vincent. I think most of the world agrees with you. The share price seems to have stabilized and I bought more yesterday. I believe Ana Botin's record in the UK speaks for itself and I cannot imagine any other choice that would have had a better inside knowledge of the organization, credibility because of her UK record and, finally, reputational continuity that will automatically generate trust and confidence in SAN's clients.

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