Banco Santander SA has begun the search for a successor to Chief Executive Officer Jose Antonio Alvarez, the bank veteran who stayed on in the top position after the botched appointment of ex-UBS Group AG banker Andrea Orcel.
Santander Chairman Ana Botin and the board are seeking internal and external candidates after Alvarez -- who has been in the position since November 2014 -- communicated internally he plans to step down, according to people with knowledge of the matter. The search for a replacement is in the early stages and could take up to a year, the people said.
