Santander Consumer USA Holdings Inc. said Thursday that its
chief executive and chairman, Thomas Dundon, was departing and
would be succeeded by President and Chief Financial Officer Jason
Kulas.
The announcement, after the market closed Thursday, outlined
that Mr. Dundon would "pursue new opportunities" after 20 years at
the consumer finance company. Mr. Dundon had been CEO for nine
years.
The Dallas-based company, which is approximately 60% owned by
Santander Holdings USA, a unit of big Spanish bank Banco Santander,
sold shares in a public offering last year.
Mr. Dundon was a founder of the company in 1995. The firm has
been involved in subprime auto lending and other consumer loans,
and he owns about 10% of the company. A company official said
Santander would be purchasing Mr. Dundon's shares from him. Mr.
Dundon's stake is worth about $940 million as of the close of
trading Thursday.
Mr. Dundon will remain on Santander Consumer USA's board, the
company said. He has been president and chief executive since 2006
and chairman since 2013.
Scott Powell, chief executive officer of Santander Holdings USA
and head of Santander's operations in the U.S. said: "We thank Tom
for his vision and leadership as a founder of SCUSA, and a driver
of its growth and success."
For the first quarter, Santander Consumer USA reported net
income of $289 million, up from $81.5 million a year earlier. It
had total loan originations of $7.4 billion in the first quarter.
The stock closed down about 1% Thursday at $26.20.
Write to James Sterngold at james.sterngold@wsj.com
Access Investor Kit for Banco Santander SA
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=ES0113900J37
Access Investor Kit for Banco Santander SA
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US05964H1059
Subscribe to WSJ: http://online.wsj.com?mod=djnwires