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As part of its proposal to revamp its corporate governance structure, Unicaja of Spain stated on Thursday that it would begin the search for a new CEO to succeed Manuel Menendez immediately.

Menendez will step down as soon as a new CEO is appointed, the bank confirmed.

According to a statement, the lender’s board unanimously supported the decision with the “goal of making more agile and efficient progress in defining the bank’s governance model.”

Later that day, Unicaja, which owns 30% of the firm and governs it, said the action would ensure the “stability and full functionality” of its management until the appointment of a new CEO.

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