Santander Consumer names new CFO in latest shake-up

Santander Consumer USA Holdings has replaced its chief financial officer, the latest in a string of management shake-ups as the company struggles with regulatory issues.

The Dallas subprime auto lender named Juan Carlos Alvarez de Soto CFO on Friday. He succeeded Ismail Dawood, who had been CFO since December 2015 after working at Bank of New York Mellon.

Dawood departed to pursue other opportunities, Santander Consumer said in a news release.

Ron Antonelli/Bloomberg

The company’s CEO, Jason Kulas, resigned in August to pursue other opportunities. He was succeeded by Scott Powell, who is also CEO of Santander Holdings USA, the subprime lender’s parent company. The Federal Reserve issued an enforcement order to Santander Holdings in March, requiring it to boost oversight of the subprime lender.

Alvarez de Soto, 46, was previously corporate treasurer of Santander Holdings USA. Dawood had become Santander Consumer’s CFO following a July 2015 shake-up in the company’s top management.

Santander Consumer also announced two other executive appointments on Monday. Richard Morrin, chief operating officer, was reassigned to the position of president of Chrysler Capital, and he will also be responsible for sales and marketing activities, dealer and customer relationships, dealer oversight and RoadLoans.com.

Sandra Broderick was named executive president and head of operations for Santander Consumer, effective Oct. 10. She will be responsible for originations, servicing and default, and administrative oversight of Santander Consumer International in Puerto Rico. Broderick previously worked for U.S. Bank and JPMorgan Chase.