Who is Tomás Muñeza, Goirigolzarri’s replacement at Caixabank

José Ignacio Goirigolzarri announced this Wednesday his voluntary resignation from the post of Executive President of CaixaBank, which he has held since the takeover of Bankia in March 2021, and will be replaced by Thomas Muniesa.

Muniesa, still vice presidentwill take office on January 1, 2025, after which the bank’s president will cease to exercise executive functions, CaixaBank told the National Securities Market Commission (CNMV).

Who is Muniesa?

Muniesa has been Vice President of CaixaBank since 2018. organization, which he joined in 1976 and in which he took on various responsibilities, such as heading the human resources department, capital markets or managing the ALCO. He also served as executive vice president and general manager of VidaCaixa from 1997 to November 2018.

Muniesa expressed “great enthusiasm” for taking over as president of the organization, as well as his responsibility and call to serve.

The executive has a degree in business science and a master’s degree in business management from Esade, and currently holds the positions of Vice President of CaixaBank, VidaCaixa and SegurCaixa Adeslas, and is also a member of the Board of Trustees of the Esade Foundation and a director of Allianz Portugal.

Ends the cycle

The exit from Goyrigolzarri reaches the end of the strategic cycle for the organizationwhich will present its road map for 2025-2027 on November 19, and in a context in which the European Central Bank (ECB) insists on the separation of executive and non-executive functions of the institutions under its auspices.

CaixaBank’s statement detailed that the current president has also decided to voluntarily relinquish all responsibilities he held within the group.

Gonzalo Gortazar, General Director of the enterprise since June 2014, he remains the head of the bank, will report directly to the board of directors and chair the management committee.

Connected

The Board of CaixaBank assessed Goirigolzarri’s management as “extremely positive” and highlighted his “fundamental contribution to Bankia’s exemplary and successful integration process.”

After increasing profits by more than 25% in the first half of the year, to 2.675 million euros, CaixaBank will announce financial results for the third quarter tomorrow.

Control functions of the president

Goirigolzarri’s powers were now limited to communications, internal audit and institutional relations, with most executive power in the hands of the CEO.

When replaced, the bank is restored structure similar to that headed by Jordi Gual between 2016 and 2021, when the president also had no executive powers, and takes the first step towards a new three-year period expected to be marked by an easing of ECB monetary policy.

In its draft guidance on corporate governance, published in July, the European Central Bank strongly advocates the separation of executive and non-executive functions in governance, a separation common in the eurozone but not seen in Spanish banks such as BBVA, Santander and, until now, CaixaBank.

The ECB acknowledges that some countries’ national legislation allows the president to exercise executive functions, but stresses that “this is not best practice” and recommends that existing cases be “reviewed.”

As a general principle, the issuing bank considers that the president of the governing body should exercise supervisory responsibilities and recommends, as a best practice, that he or she also be an independent member.

End of Goirigolzarri stage

Goirigolzarri, 70 years old. He is one of the outstanding figures in the recent history of Spanish banking. His career began in 1994 at Banco de Bilbao, which later merged into BBVA, where he served as CEO from 2001 to 2009.

His most prominent role came in 2012, when he was appointed president of Bankia at one of the most critical moments for the bank and the Spanish financial system.

After the merger with CaixaBank, Goirigolzarri became president of the resulting enterprise, which became Spain’s largest bank by assets.