The Turkish Onur Genç will replace Carlos Torres as CEO of BBVA

The Turkish Onur Genç will replace Carlos Torres as CEO of BBVA



Carlos Torres already has number two in BBVA. The Turkish Onur Genç will occupy the position of CEO in the Spanish entity when Torres enters the presidency, before the retirement of the historic director Francisco González.

The board of directors has decided on Wednesday that Genç fill the vacancy that left Torres in the second executive step of the company. Torres had already announced repeatedly that he would choose a company manager to fill this position. He will assume the position next December 31, when Francisco González leaves the presidency and occupies Torres.

Genç joined Garanti in 2012 as executive vice president and subsequently was appointed CEO of the Turkish entity. Subsequently, in January 2017, he became the executive director of BBVA Compass and director of BBVA in the US. The company says it has made "important progress" there.

Garanti is the Turkish subsidiary of the company, which has suffered in recent months due to the crisis in the country, causing headaches to the parent stock.

BBVA believes that Genç, 44, is the "ideal" CEO to continue advancing its strategy and promote the transformation of all its franchises, generating value for all stakeholders, from shareholders, to customers and employees.

In this way, BBVA follows the path marked by Banco Santander and also appoints a foreign executive as CEO of the company. A few months ago the company chaired by Ana Botín announced the replacement of its CEO, José Antonio Álvarez, by the Italian Andrea Orcel. In this way, the two largest entities in the country will have foreign executives on the second executive level.

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