José Sevilla, chairman of Unicaja, has announced his decision to stand down at the end of his term without seeking re-election, which is scheduled for next April. His departure, which will be formalised at the ordinary general meeting of shareholders, opens a new chapter in the leadership of the Málaga-based listed bank.
Sevilla took over the chairmanship on 5 April 2024 with a clear mandate: to restore calm within the institution and put behind it the turbulent governance crisis triggered by the merger with Liberbank. After two years focused on institutional stability, the executive has informed the bank’s highest governing body that he will complete his current term without aspiring to renewal.
In a market announcement filed with the Spanish National Securities Market Commission (CNMV), Unicaja has framed this handover within the usual protocols of its Succession Policy. Until the shareholders’ meeting is held, Sevilla will continue to perform all his non-executive duties at the head of the bank. The board of directors, for its part, has formally recorded its recognition and gratitude for the “valuable services” rendered by the executive throughout his tenure.
Agreed handover after internal peace
The announcement ushers in an orderly transition at the helm of the bank. According to Unicaja, Sevilla’s decision makes it possible to activate the Succession Plan ahead of time, so that the new chairman can be selected with sufficient notice and institutional safeguards.
The arrival at Unicaja of José Sevilla, the former chief executive officer of Bankia, put the finishing touch to the management reshuffle that followed the departure of Manuel Azuaga. His appointment as an independent director stabilised the command structure alongside the chief executive, Isidro Rubiales, paving the way in April 2024 for a smooth shareholders’ meeting that stood in stark contrast to the tensions of the previous year.
The turbulent episode of March 2023, when the “Málaga bloc” aligned with the Unicaja Banking Foundation voted down the ratification of two independent directors in order to regain control of the institution, now remains as the last major internal jolt.
With the tandem formed by Rubiales and Sevilla, the listed bank managed to straighten out its governance after the complex integration with Liberbank, ushering in a period of executive calm that it now hopes to prolong through this planned handover.