César González-Bueno is stepping down as the CEO of Banco Sabadell. This move ends a transformative tenure defined by a sharp recovery in profitability and the successful defence against a hostile takeover bid by BBVA. The bank has announced that he will be succeeded by Marc Armengol, the current chief executive of the group’s British subsidiary, TSB.
The transition, described by the board as a decision reached by “mutual agreement”, marks the beginning of a new chapter for the lender. González-Bueno, 65, leaves the bank in a significantly stronger position than when he joined in 2020. Indeed, he oversaw a period where the share price multiplied by more than 12 times.
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A strategic succession for Banco Sabadell CEO
The timing of the departure follows the collapse of BBVA’s takeover attempt last October. The bank’s board of directors noted that now is the “optimal moment” for a leadership handover. Consequently, Armengol is expected to officially assume the role of Banco Sabadell CEO in May. This appointment is pending shareholder approval and authorisation from the European Central Bank (ECB).
Josep Oliu, the bank’s president, paid tribute to the outgoing CEO. He highlighted González-Bueno’s capacity for innovation and leadership. “[He has] far exceeded expectations… both for the depth of the transformation undertaken and the pace imposed,” Oliu stated.
From turnaround to record profits
González-Bueno’s legacy at Sabadell is anchored in financial recovery. Upon his arrival in 2020, following a necessary restructuring plan, the bank reported profits of just €2 million. Under his stewardship, the institution began an upward trajectory. It declared €530 million in 2021, rising to €1.33 billion in 2023, and reaching €1.83 billion in 2024.
During this period, the bank’s market value surged from approximately €1.5 billion to over €16 billion. This represents the highest revaluation among IBEX 35 companies over the last five years.
Marc Armengol takes the helm as Banco Sabadell CEO
The incoming CEO, Marc Armengol, is a veteran of the group, having joined in 2002. His experience spans nearly 25 years across various high-level roles. These include technology, operations, and strategy.
Armengol most recently led TSB, the group’s UK subsidiary which was sold to Banco Santander. This deal was agreed while the BBVA bid was still active. Oliu emphasised that Armengol “knows Banco Sabadell and all its strengths and points for improvement perfectly”.
In his first remarks regarding the appointment, Armengol stated that his priorities will focus on meeting the strategic objectives established for 2026 and 2027.
Carles Ventura appointed General Manager for Spain
Alongside the CEO transition, the board has appointed Carles Ventura as the General Manager of Business in Spain. Ventura, who played a key role in managing the bank’s daily operations during the lengthy takeover battle, will now join the board as an executive director.
Ventura’s expanded remit will see him add retail banking to his existing responsibilities. These currently cover corporate banking, the commercial network, and private banking. Therefore, the bank noted that this appointment underscores the “increasingly greater relevance” of the domestic Spanish business to the group’s overall strategy.
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