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Investing.com -- Banco Santander SA (NYSE:SAN) is reconsidering the appointment of its future chief accounting officer due to a pending legal case related to the executive’s previous role, as per Bloomberg, citing sources familiar with the situation.
The bank had initially announced that Alexsandro Broedel Lopes, former Chief Financial Officer of Itau Unibanco Holding SA, would take up the role of head of accounting by July. However, the largest bank in Spain has now initiated a new internal procedure to find a replacement for this position, according to the sources who wished to remain anonymous due to the sensitivity of the hiring decisions.
Broedel, who had joined Santander (BME:SAN) as a senior vice president in December, was accused of fraud by Itau in the previous year. The Brazilian bank claimed that their former CFO didn’t disclose to them his involvement in running a company with a partner and his external activities as an adviser. Broedel has refuted these allegations and has expressed his intent to contest the charges in court.
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