Santander Drops Appointment of Alexandre Broedel Following Lawsuit by Itau
Spanish bank Santander has canceled the planned appointment of Alexandre Broedel Lopes as chief accounting officer after his former employer, Brazil’s Itau Unibanco, filed a lawsuit against him.
Broedel, hired by Santander in 2023, was set to replace current CFO Pepe Dancausa. However, the appointment was reconsidered after Itau accused Broedel of redirecting funds during his tenure at the bank. The allegations concern irregular payments for consulting reports, which Itau claims were processed in violation of internal policies and in coordination with an external consultant.
Although Itau withdrew its suit against the consultant, it chose to continue legal action against Broedel. Broedel denies any wrongdoing.
Both Santander and Broedel declined to comment publicly on the matter.
This is not the first time Santander has withdrawn a high-profile appointment. In 2019, the bank also dropped its plan to appoint former UBS executive Andrea Orcel as CEO — a case that ended in a legal dispute over compensation.