Santander Consumer USA Chairwoman Resigns for Broader Role
July 12 2016 - 10:20AM
Dow Jones News
Former J.P. Morgan Chase & Co. executive Blythe Masters
resigned as nonexecutive chairwoman of Santander Consumer USA
Holdings Inc., the subprime auto-lending unit of the Spanish
banking giant, after less than a year.
Ms. Masters, who was appointed as Santander Consumer's
nonexecutive chairwoman in July 2015, will move into a broader role
with parent company Banco Santander SA with a focus on its global
digital banking efforts. In her new roles, Ms. Masters will be
senior technology adviser and will join Santander's international
advisory board. She also will be on the board of Santander's online
bank, Openbank.
Ms. Masters is chief executive of financial technology startup
Digital Asset Holdings LLC. Her previous experience includes senior
executive roles at J.P. Morgan Chase, including serving as head of
its global commodities business from 2007 to 2014, and serving as
finance chief of its investment bank from 2004 to 2007.
She will be succeeded as Santander Consumer chairwoman by board
member William Rainer. He is a former CEO of OneChicago LLC and a
former chairman of the U.S. Commodity Futures Trading
Commission.
Ms. Masters' resignation comes a week after the U.S. Federal
Reserve faulted Banco Santander SA's U.S. holding company for
failing to meet regulators' standards on a range of basic business
operations. Regulators also faulted risk management at the U.S.
consumer-lending subsidiary, whose chief executive stepped down
abruptly the previous week.
The Fed's recent efforts to press the largest U.S. banks to
improve their risk management typically have targeted discrete
problems, such as anti-money-laundering controls or mortgage
underwriting, rather than reaching across an organization, such as
in Santander's case.
Santander Consumer, one of the largest U.S. auto lenders, also
has faced a number of federal inquiries into its auto-lending
practices.
Write to Tess Stynes at tess.stynes@wsj.com
(END) Dow Jones Newswires
July 12, 2016 10:05 ET (14:05 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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