Santander Consumer USA continued its executive-level shakeup today with the appointment of a new chief financial officer, a head of operations, and president of Chrysler Capital under the leadership of Chief Executive Scott Powell, who took over as company lead in late August.
Juan Carlos Alvarez is succeeding Ismail (Izzy) Dawood as CFO of Santander Consumer, effective immediately, the company announced in a press release. Additionally, Sandra Broderick will join SC as executive vice president and head of operations on Oct. 10, and Richard Morrin has accepted a promotion as president of Chrysler Capital and auto relationships.
Dawood has been with SC since December 2015 and is leaving to pursue other opportunities, the company said in the release. In his place, Powell is bringing in Alvarez, who — like the CEO — comes from Santander Holdings USA Inc. (SHUSA). However, unlike Powell who continues to serve dual roles at Santander Consumer and Santander Holdings USA, Alvarez is stepping down as corporate treasurer of SHUSA to devote his full attention to the auto business. A replacement will be named at a later date.
“Juan Carlos was instrumental in helping SHUSA take major steps forward in the past year, including the work that led to passing the Federal Reserve’s capital stress test and the termination of our 2014 written agreement with the Federal Reserve,” Powell said in the release. “With his intimate knowledge of SC and strong financial expertise, I’m confident Juan Carlos is the right person to assume the role of SC CFO at this point in SC’s evolution.”
Richard Morrin is moving from chief operating officer to president of Chrysler Capital and auto relationships. His former role will now be split in two, with Morrin controlling front-end operations — particularly SC’s relationship with Fiat Chrysler Automobiles — and Sandra Broderick taking on back-end operations across originations, servicing and collections, a Santander Consumer spokeswoman told Auto Finance News.
As head of operations, Sandra Broderick will oversee originations, servicing, default, and other operations functions such as administrative oversight of Santander Consumer International, Puerto Rico. Broderick joined U.S. Bank for a brief stint as EVP in March, and prior to that spent 15 years with J.P. Morgan Chase & Co. Since 2012, she has served as head of operations for Chase Auto Finance and brings more than 30 years of experience in the auto industry, including senior positions at Bank One, GE Capital, and HSBC.
Morrin and Broderick will work closely together and be responsible for many of the high-priority initiatives the company has highlighted this year, including the lender’s relationship with Chrysler Capital, its reduced originations strategy, dealer oversight, and RoadLoans.com.
“I am pleased to have such strong leaders on my team,” said Powell. “Juan Carlos, Sandy, and Rich each bring considerable experience and expertise to their roles, and I am looking forward to working together as we grow SC and strengthen our commitment to customers.”
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