Emilio Botín passed away earlier this week of a heart attack. His death surprised the global banking community and robs Spain of a leader who had a precise vision of our economic reality and future.
While Botín's death was unexpected, he was working on a solid succession plan and hoped to see a natural and smooth transition that did not disrupt the financial markets. The banker was going to announce by the end of this year that his eldest daughter, Ana Botín, would take his place officially sometime in 2015.
Just a few hours after Emilio Botín passed away, Banco Santander's CEO fulfilled Botín's wishes and the board elected daughter Ana as the bank's new president. A swift and decisive change like this is good for a bank, because it does not sow doubts about its management or strength.
Ana Botín will leave behind her full name Ana Patricia, which symbolizes her movement from a Botín family member to the name brand of the biggest bank in the euro zone and the world's ninth largest by earnings. This legacy presents her with a challenge as the bank reaches maximum historic capital levels. Beyond the balance sheet, the attitude, strategy and diligence that Emilio brought to Santander will be hard to replace. Leveraging these personal assets, the former banker turned Santander into the seventh leading bank in Spain to a major global firm. Botín launched Supercuenta, which made the bank competitive on the global scene, and did away with under-the-table agreements that were undermining trust and transparency.
His motto was to buy to grow without limits. After a merger with Central Hispano, Santander became the number one Spanish bank and sprouted wings, flying across seas to build a mini-empire in Latin America, Great Britain and the Netherlands. "The sky is the limit," Botín said in 2005.
At this point, Ana Botín knows that it is critical that she maintain her father's work. She is the fourth-generation of the Botín family to lead this bank and working among an elite crowd that cares more about talent than gender. Fortunately, Ana could have won this role on merit alone, not just her family name. Her leadership and profit margins at Santander UK were spectacular. Further, she has many years of experience with the bank and having held various roles in several countries, she has a deep understanding of the entire firm.
Ana Botín will bring new insights to Santander, but what shareholders and employees are most concerned about is her "full dedication" to the bank's continued improvement. Because she was the unanimous choice to take over, her father will get his calm and strong succession.