Unicaja Banco took decisive steps this Friday to redefine its leadership structure, finishing a change that had been anticipated since late July. The shift involved relinquishing executive duties from President Manuel Azuaga as part of a merger framework with Liberbank, aligning with European Union governance standards for the banking sector. In a related move, the board approved Isidro Rubiales as chief executive, granting him full executive authority across the organization.
Azuaga will continue to chair the board but will serve as a non‑executive director. The formal designation now reads as “Other external,” reflecting the removal of day‑to‑day responsibilities that he previously held.
Rubiales had already been named CEO on September 20, following clearance from the European Central Bank, a required step before his appointment could take effect. That prior decision also entailed the de facto dismissal of the former CEO, Manuel Menéndez, which had been announced on June 1.
All signs point to an imminent extraordinary general meeting of shareholders to formalize Rubiales’ appointment and the overarching management model changes at Unicaja Banco.
Public notice had been given on July 31 that Rubiales, who had served as deputy general manager to the president, would step into the role of general manager, replacing Menéndez. It was stated that the appointment would become effective once regulatory approvals were secured, at which point Menéndez would depart. The organization also signaled that the newly structured management model could be activated in a targeted manner after Rubiales’ official confirmation—an event that occurred this Friday.
Isidro Rubiales is identified in accompanying materials as the CEO of Unicaja Banco. [Attribution: Unicaja Banco communications, date records withheld for brevity].
Reorganization of commissions
On another front, the board appointed Rocío Fernández Funcia as coordinating director, replacing Carolina Martínez Caro, and laid out the framework for the board committees as follows.
Audit and Compliance Committee
- President (independent): Rocío Fernández Funcia
- Member (independent): María Luisa Arjonilla López
- Member (independent): Carolina Martínez Caro
- Member (registered): José Ramón Sánchez Serrano
- Secretary (private): Rafael Domínguez de la Maza
Risk Committee
- President (independent): Antonio Carrascosa Morales
- Member (independent): Inés Guzmán Arrúe
- Secretary (private): Juan Antonio Izaguirre Ventosa
Appointment Committee
- President (independent): María Luisa Arjonilla López
- Member (independent): Rocío Fernández Funcia
- Secretary (private): José Ramón Sánchez Serrano
Remuneration Committee
- President (independent): Carolina Martínez Caro
- Member (independent): Antonio Carrascosa Morales
- Secretary (private): Juan Antonio Izaguirre Ventosa
Technology and Innovation Commission
- President (independent): Inés Guzmán Arrúe
- Member (independent): Carolina Martínez Caro
- Secretary (private): Felipe Fernández Fernández