The Board of Directors of BBVA today approved the appointments of Carlos Torres Vila as Group’s executive chairman, and of Onur Genç as CEO. The Board also approved a new organizational structure, thus completing the succession plan that ensures the continuity of BBVA’s transformation strategy, following the departure of Francisco González.

In a meeting conducted today, the Board of Directors of BBVA named Carlos Torres Vila Group executive chairman, replacing Francisco González, and Onur Genç as CEO. Also Francisco González has been designated honorary chair of both BBVA and the BBVA Foundation, recognizing his legacy. The changes will come into effect once the corresponding authorizations have been obtained, which are expected before Dec. 31, 2018.

The Board also approved a new organizational structure, aimed at fostering the Group’s transformation and businesses, while further specifying responsibilities for executive functions.

“We have accomplished a well-planned succession that promotes in-house talent and that guarantees the continuity of our transformation process,” BBVA’s current CEO and next executive chairman Carlos Torres Vila said.

The main aspects of the new organizational structure are as follows:

The executive chairman will be responsible for the management and well-functioning of the Board of Directors, the supervision of the management of the Group, the institutional representation, and leading and boosting the Group’s strategy and its transformation process.

The CEO will be in charge of the daily management of the Group’s businesses, reporting directly to BBVA’s Board.

“BBVA’s strength is its team and that is being reflected in the new structure,” BBVA’s U.S. country manager and future CEO Onur Genç said.