Santander ficha al exCEO de El Corte Inglés Santiago Bau

Santander has appointed former El Corte Inglés CEO Santiago Bau as the new global leader in Strategy, Finance, and Supplier Management within the group's Technology and Operations (T&O) area. The Spanish bank announced the hiring on Wednesday, with Bau set to join the financial institution in November. Bau will report to Juan Olaizola, Santander's Chief Operating & Technology Officer, who answers to group president Ana Botín.

The appointment is expected to bring additional personnel changes in the T&O area, according to market sources. As part of his new role, Bau will oversee the execution of the T&O strategic plan and be responsible for Strategy, Finance, Procurement, Budget Planning, and Control within the division. Before joining Santander, Bau served as El Corte Inglés' Group General Manager until June, when Javier Catena replaced him as the company's new CEO.

Between 2022 and 2025, Bau held the positions of Group Corporate and Financial Director at Spain's leading department store chain.

Bau previously worked at Goldman Sachs, where he spent 17 years and eventually became a managing director. His expertise lies in the real estate and financial sectors, and he has been responsible for banking operations for Goldman Sachs in Southern Europe and Eastern Europe. With his appointment, Santander is reinforcing its Technology and Operations division with a finance professional who has firsthand experience working at an investment bank like Goldman Sachs, as well as operational management experience during his tenure at El Corte Inglés.

The Spanish retailer's 2025-2026 fiscal year, which ended in February, reported its best results since the COVID-19 pandemic. Previous to his role at Santander, Bau chaired El Corte Inglés' supervisory board, a 51% stake jointly held by Santander and El Corte Inglés. He also advised El Corte Inglés on Mutua Madrileña's entry into the bank's capital during his time at Goldman Sachs.

Bau holds a degree in Law and Business Administration from Icade University (1999-2005) and an MBA from Harvard Business School (2006-2008). The T&O area at Santander, previously under the CEO's jurisdiction, was transferred to group president Ana Botín in 2022 as part of the bank's governance reform.