- Push-out Score determined
- After less than two and a half years in the position
- Praise, thanks and good wishes for Powell
- Mahesh Aditya taking over
(exechange) — Boston, Massachusetts, December 2, 2019 — Scott Powell, chief executive of Santander Consumer, leaves. As announced by Santander Consumer USA Holdings Inc. in a news release and in a regulatory filing published on Monday, December 2, 2019, Scott Powell leaves his post as Chief Executive Officer at the retail and commercial bank after less than two and a half years in the role, effective immediately.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who announced their departure over the past 12 months was 7.5 years, according to data compiled by exechange. On an accumulated basis, around 25% of the CEOs who announced their departure over the past 12 months left their posts within three years.
Scott Powell’s duties as CEO will be taken over by Mahesh Aditya, most recently Chief Risk Officer of Santander Holdings USA, Inc.
Career change
Scott Powell’s departure from the CEO post is explained as follows. Santander Consumer said: “The Boards of Directors of Santander Holdings USA, Inc. (“Santander US”) and Santander Consumer USA Holdings Inc. (“SC”) today announced several executive changes: Timothy Wennes has been named Santander US CEO and Country Head, effective immediately. Wennes succeeds Scott Powell, who has left the company to pursue an outside opportunity.”
Powell will be COO at Wells Fargo
Wells Fargo & Company announced that Scott Powell has been named chief operating officer effective December 9, 2019. He will serve on the company’s Operating Committee and report directly to CEO and President Charlie Scharf.
Wells Fargo is a financial services company.
“Resign”
Santander Consumer said: “[O]n December 2, 2019, the Company announced that on November 26, 2019, Scott Powell indicated his intent to resign as President and Chief Executive Officer of the Company and as a member of the Board effective on December 2, 2019.”
“No disagreements”
“There are no disagreements between Mr. Powell and the Company on any matter relating to Company’s operations, policies or practices,” Santander Consumer said.
Share price increase since August 2017
The announcement follows an increase in Santander Consumer USA Holdings Inc.’s share price of 84% since August 2017.
In the position of CEO since 2017
Scott Powell became CEO of the Company in 2017.
Powell has been the Company’s President and CEO since August 2017, and the President and CEO and a director of SHUSA since March 2015.
Powell joined the Board in September 2016 and has been a member of SBNA’s board of directors since July 2015.
He also served as CEO of SBNA from July 2015 until August 2017.
From 2013 to 2014, before joining SHUSA, Powell was Executive Chairman of StoneRiver National Flood Services Inc.
From 2002 to 2012, Powell held numerous management roles at JPMorgan Chase & Co. and its predecessor Bank One Corporation, including Head of Banking and Consumer Lending Operations, CEO of Consumer Banking and Retail Investments, Head of Consumer Lending, and Chief Risk Officer, Consumer.
Powell also worked at Citigroup and its predecessors from 1988 to 2002 in senior risk management positions.
Powell is a member of the boards of directors of the Phipps Houses and the End Fund in New York City, as well as Boys & Girls Clubs of Boston.
He is also a member of the Supervisory Board of The Clearing House Association L.L.C. Powell graduated from the University of Minnesota and received a master’s degree in business administration from the University of Maryland.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Santander Consumer and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 49.2019 ($).