CaixaBank Says CEO Nin Resigns, Will Be Replaced by Gortazar

CaixaBank (CABK) SA, Spain’s third-biggest bank, said Juan Maria Nin resigned as chief executive officer. He will be replaced by Managing Director for Finance Gonzalo Gortazar.

Nin, 61, resigned by mutual consent as part of a corporate restructuring of the La Caixa banking group, the Barcelona-based lender said in a statement on its website today. The bank also named Antonio Massanell, formerly a managing director at CaixaBank, as deputy chairman, and Juan Antonio Alcaraz as managing director of business development.

CaixaBank said the new management will prepare a three-year strategic plan from 2015 that will represent a “new chapter in the Group’s history” as it also reorganizes to comply with revised rules on the governance of lenders controlled by savings banks. Nin joined the La Caixa group from Banco Sabadell SA in 2007.

Nin, who was CEO since 2007 and deputy chairman, will continue to represent La Caixa on the boards of Repsol SA, Gas Natural SA and Austrian lender Erste Group Bank AG, CaixaBank said.

From 1993 to 2009, Gortazar worked at Morgan Stanley in London and Madrid where he held various posts in the investment banking division. From 2009 to June 2011 he was CEO of Criteria, the Caixa group’s investment holding company.

To contact the reporter on this story: Charles Penty in Madrid at cpenty@bloomberg.net

To contact the editors responsible for this story: Frank Connelly at fconnelly@bloomberg.net James Kraus, Leon Mangasarian

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