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Santander names Jose Antonio Alvarez as new CEO

Spain's Santander said it had named former Chief Financial Officer Jose Antonio Alvarez as chief executive officer to replace Javier Marin, who had held the position for less than two years.

This is the first big management shake-up at the euro zone's biggest bank since Ana Botin took over as chairman following her father's death in September.

Read MoreSantander chairman Emilio Botin dies of heart attack

Bank of Santander Headquarters
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The bank also named Jose Garcia Cantera as new CFO and appointed three new independent members to its board.