By Christopher Bjork 

MADRID-- Banco Santander SA on Tuesday replaced its chief executive with its long-standing finance chief and made several changes to its board of directors, in the first major shake-up at the eurozone's largest lender since Ana Botín took the reins following her father's death.

Javier Marín will leave the bank after two years as CEO, to be replaced by Jose Antonio Álvarez, who has spent the past 10 years as the lender's finance chief, the bank said in a statement.

Ms. Botín, who was chosen as executive chairman in September following the death of her father Emilio Botín from a heart attack, also elevated one of her top lieutenants, José García Cantera, to the post of chief financial officer. Mr. García Cantera was CEO of Banesto, a former unit of Santander, when Ms. Botín chaired that bank.

Write to Christopher Bjork at christopher.bjork@wsj.com

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