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BBVA board approves organizational changes, appointment of CEO, exec chairman

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BBVA board approves organizational changes, appointment of CEO, exec chairman

Banco Bilbao Vizcaya Argentaria SA's board approved several organizational, changing the responsibilities of the CEO and executive chairman of the group along with the appointment of Onur Genç as CEO, replacing Carlos Torres Vila.

The board approved changes announced in November. Vila replaces Francisco González Rodríguez, who has resigned the chair after 18 years. He was appointed an honorary chairman of BBVA.

Genç, who is currently the U.S. country head for BBVA, will also sit on the board.

Under the organizational changes, the executive chairman will be responsible for the management of the board of directors and its operational integrity, along with supervising the management of the group, institutional representation and the group's strategy and transformation process.

Meanwhile, the CEO will be responsible for the daily management of the group's business and report directly to the board of directors.

BBVA's corporate and investment banking business unit will report to the CEO. Luisa Gómez Bravo, currently the global head of investment and cost management in finance, will replace Juan Asúa as the head. Asúa will become a senior adviser to the chairman.

The various country heads will also report to the CEO. Javier Rodríguez Soler, the head of mergers and acquisitions, will replace Genç as U.S. country head.