The succession of Francisco González at the head of BBVA It has turned out to be more than a change of names. The appointment of Carlos Torres as president and Onur Genç as CEO is accompanied by a revolutionary change in the bank's organizational chart and control structure. The new president, although holding the executive position, cedes powers to his number two and to the board of directors, adjusting to the preferred model of governance by the ECB.
The structure approved yesterday by the BBVA board, according to the group, «Advances in the delimitation of executive functions». The first big change is that, with respect to his predecessors as CEO, who responded to Gonzalez, Genç will no longer depend organically or report directly to the president, but will do so to the board. Francisco González has been named honorary president of the bank and the BBVA Foundation, positions without executive power and not remunerated.
Genç (Turkey, 1974), until now responsible for BBVA in the USA, will be responsible for the ordinary management, which includes the businesses in Spain, Mexico, the US, Turkey and Corporate Banking and Investment, and global areas such as financial and risk. The chairman will also lose authority over the areas of supervision, regulation and compliance and internal audit in favor of the board. The functions of Torres, which has ensured that the ECB does not oppose holding the executive position, will be the supervision of the management, the leadership of the group's strategy and the institutional representation of BBVA.
In the organizational chart, designed between Torres and Genç, there are reordering of areas and changes in the first row directives, although the reponsables of Spain (Cristina de Parias), Mexico (Eduardo Osuna) and Turkey (Erbil Fuat), key positions, are maintained. Javier Rodríguez will relieve Genç in the USA
Those who gain weight are Jaime Sáenz de Tejada, who continues as financial director and adds the accounting area, and Ricardo Forcano, until now at the head of Talent and Culture and linked to Torres, who goes on to direct Engineering and Organization. Another rise is that of Luisa Gómez, which will direct Corporate and Investment Banking instead of Juan de Asúa, who will be an advisor to the president.
Along with Gómez, two other women (Victoria del Castillo, of strategy and corporate operations, and María Jesús Arribas, of legal) reach the first directive line, so that there are already four, 20% of senior management.