Santander's chief executive Marin to be replaced by chief financial officer Alvarez

Banco Santander on Tuesday announced that chief executive Javier Marin will be replaced by its current chief financial officer Antonio Alvarez.

Alvarez will succeed Marín, who has been in the role since April 2013, from 1 January. José García Cantera, who is currently head of Santander Global Banking, will take over as chief financial officer.

Santander also named Bruce Carnegie-Brown, as first vice-chairman and lead independent director, and Sol Daurellaand Carlos Fernandez as independent board directors. Rodrigo Echenique, a current non-executive board Member, was appointed as as vice-chairman.

The new independent directors will fill the vacancies left by the death of Emilio Botín and the resignation of Fernando de Asúa and Abel Matutes.