Richard Morrin, COO for Santander Consumer USA, has been named president of Chrysler Capital and auto relationships, effective immediately.
Instead of filling the COO spot, Santander will divide duties between Morrin and Sandra Broderick, incoming head of operations, Santander Consumer USA said in a statement detailing a series of leadership changes Monday. The statement also included the sudden departure of CFO Ismail Dawood, 44.
Dawood has stepped down to pursue other opportunities, the statement said. He will be replaced by Juan Carlos Alvarez, 46, corporate treasurer of Santander Holdings USA.
Morrin, 48, will be responsible for Chrysler Capital plus Santander Consumer's sales and marketing, dealer and customer relationships, dealer oversight and RoadLoans.com, a direct-to-consumer auto lending platform.
He will also oversee Dealer Commercial Services, which is part of Santander Bank, North America, and develop Santander Consumer's integrated product offering for dealerships.
He will report to Santander Consumer USA CEO Scott Powell, the statement said. Morrin has been with Santander Consumer since 2011. He assumed the role of COO last year.
Broderick, a more than 30-year industry veteran, will join Santander Consumer as executive vice president and head of operations, effective Oct. 10.
Broderick, 59, will oversee originations, servicing and default, along with other operational functions. She has held leadership positions at U.S. Bank and JPMorgan Chase.
Broderick and Morrin, who will work closely together, "have considerable experience and are fully committed to our vision of positioning [Santander Consumer] to grow and to strengthening our commitment to customers," she said.
Powell adjusted the leadership team to evolve the company and enable it "to operate at bank holding company standards," the spokeswoman said. That means increased underwriting discipline, underwriting loans across the credit spectrum, strengthening risk management and establishing a culture focused on compliance, customers and consumer practices, she said.
"It also includes a continued focus on our customers, including continuing to deliver value for Chrysler," she said. "Our relationship with Chrysler is a key part of our business and our strategy. Rich's new role, with its focus on Chrysler, underscores that."