CaixaBank President José Ignacio Goirigolzarri Expected to Resign Amid ECB Governance Reforms
José Ignacio Goirigolzarri is anticipated to submit his voluntary resignation from the presidency of CaixaBank during the Board of Directors meeting on Wednesday, as reported by La Vanguardia. Sources within CaixaBank, consulted by EFE, refrained from commenting on the matter but confirmed the scheduled meeting of the Board.
The reports suggest that while the impending change in leadership at Spain's largest bank may not result in immediate effects, it could indicate that Goirigolzarri's successor might be announced as early as Wednesday. Currently, CaixaBank's only vice president is Tomàs Muniesa, a long-standing executive from La Caixa, which is CaixaBank’s primary shareholder with a 31.7% stake, while the second-largest shareholder is the FROB with an 18% stake.
The backdrop to Goirigolzarri's potential resignation includes a recent draft issued by the European Central Bank (ECB) regarding the governance of institutions it supervises. This draft promotes a model that strictly separates the roles of bank presidents from executive functions, allowing them to focus solely on overseeing management teams. This governance model notably contrasts with that of several banks across the Eurozone, as it is uniquely established in Spain where prominent banks such as Santander, BBVA, and CaixaBank have presidents who retain executive roles.
In response to the ECB's guidance on the responsibilities of bank presidents, Ángel Simón, CEO of Criteria, indicated that they are aligned with the ECB’s vision. He stated, 'As a shareholder of CaixaBank, we will follow the same line as the ECB.'
Goirigolzarri took over the presidency of CaixaBank following the bank's merger with Bankia in 2020. During the integration process, it was established that the former president of Bankia would oversee areas including board secretariat, external communication, institutional relations, and internal auditing. The forthcoming changes may mark a significant shift in how leadership is structured within CaixaBank and impact its governance in tune with ECB recommendations.
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