MADRID, Feb 5 (Reuters) - Spain's Sabadell announced on Thursday that Marc Armengol will replace Cesar Gonzalez-Bueno as the bank's new chief executive officer. The departure of Gonzalez-Bueno, who
Sabadell Appoints TSB CEO Marc Armengol to Lead Tech Transformation
Leadership Changes at Sabadell
By Jesús Aguado
Marc Armengol's Background
MADRID, Feb 5 (Reuters) - Sabadell said on Thursday its board had proposed Marc Armengol as its new chief executive to oversee its technological transformation and to ensure the Spanish bank maintains its strong track record on profitability.
Strategic Goals for 2026-2027
Armengol, currently CEO of Sabadell's British lender TSB, will replace Cesar Gonzalez-Bueno, whose departure comes after the country's fourth-largest bank by market value successfully fended off a hostile takeover bid from larger rival BBVA.
Impact of Lower Interest Rates
Gonzalez-Bueno, who will resign from all his duties, has been at the helm of the bank for a five-year period during which its shares have risen 12-fold, the bank said in a statement.
"My priorities will centre on achieving the goals set for 2026 and 2027 and preparing the bank for the necessary transformation to progress to the next level," Armengol, who is expected to take over in May, said in the statement.
As part of its standalone strategy, Sabadell has vowed to distribute 6.45 billion euros to shareholders in the 2025-2027 period. It also aims for a net profit of more than 1.6 billion euros in 2027, without TSB.
In July, Sabadell agreed to sell TSB to Santander, a deal where Armengol played a key role. The transaction is set to be concluded in the second quarter of this year.
Armengol joined Sabadell in 2002, spanning leadership roles in technology, operations and strategy and became CEO of TSB in November of 2024, increasing TSB's contribution to the group's earnings.
He will take over at a time when banks are under pressure from lower interest rates. The market is focusing now on whether the bank's profitability outlook is sustainable without the contribution from TSB, which accounted for 18.5% of its earnings as of September.
Sabadell's board also appointed Carlos Ventura as business managing director in Spain. Ventura also joined the bank's board.
(Reporting by Jesús Aguado, editing by Andrei Khalip and Jane Merriman)
