Banco Santander Chile tapped its current CEO to become chairman of the board after Vittorio Corbo Lioi stepped down from the post.

The company said that Corbo Lioi, who has been the bank's chairman since 2014, resigned effective Feb. 27.

As result, Claudio Melandri Hinojosa, who has been Santander Chile's CEO since 2010, will move into the chairman role starting Feb. 28, while the bank's deputy general manager, Miguel Mata Huerta, will take over as CEO on March 1.

In conjunction with the changes, the bank's board agreed to eliminate the deputy general manager position.