José Ignacio Goirigolzarri
| José Ignacio Goirigolzarri | |
|---|---|
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| Born |
José Ignacio Goirigolzarri Tellaeche February 4, 1954 Bilbao, Spain |
| Residence | Bilbao, Spain |
| Nationality | Spanish |
| Alma mater |
University of Deusto University of Leeds |
| Occupation | Executive Chairman of Bankia |
| Salary | € 750,000 (2016) |
José Ignacio Goirigolzarri Tellaeche (born February 4, 1954) is a Spanish economist and executive. He is the current President of Bankia, a position he has held since 2012. He served as President and COO of BBVA from 2001 to 2009.
Goirigolzarri earned a bachelor’s degree in Economics and Business Studies from the University of Deusto (Bilbao), and a degree in Strategic Finance and Planning from the University of Leeds. He began his professional career at Banco de Bilbao in 1977. In 1992, he was appointed as General Director at BBV. In 1999, BBV and Argentaria merged and Goirigolzarri was appointed as member of the Management Committee and head of the Latin-American businesses. He served as Vice Chairman of Telefonica and Repsol in 2002-2003. Goirigolzarri was President and COO of BBVA from 2001 to 2009, when he early-retired after working at the bank for 30 years. He received a lifelong pension of 3 million euros per year, which caused an avalanche of public criticism.
On 9 May 2012, he became the president of Bankia, the fourth largest bank of Spain. On 25 May 2012, Bankia asked for 19 billion euros from the FROB, the Spanish bailout fund for banks. Bankia also revised its earnings statement for 2011, stating that instead of a profit of 309 million euros, it had in fact lost 4.3 billion euros before taxes. A number of limitations were imposed as a result of having received state aid. Shareholders had to share part of the burden of the capital injection, the balance sheet had to be reduced, dividends were restricted until 2014, and both the branch network (-39%) and workforce (-28%) had to be reduced. At the end of 2015, Bankia had fulfilled two years ahead of schedule all the targets set by the European Commission in the BFA-Bankia Group Restructuring Plan. The bank also reported the best efficiency, solvency and profitability among the six largest Spanish banks.
In 2016, Goirigolzarri was listed on the tenth place in the MERCO ranking of best Spanish business leaders. In 2017, he finished seventh.
In an article in October 2010, Goirigolzarri warned about the state of education in Spain. He noted that Spain has a high percentage (35%) of people that haven’t finished high school, and also a very high percentage of university students. The intermediate group is significantly lower than in other countries. He also noted that university degrees do not fit the demand of the economy, and that no Spanish university was ranked among the top 200 universities in the world (excluding private business schools). As a reason for the lack of changes in education, he stated that educational changes do not have an effect in the short term, are politically complex and go beyond electoral periods. So they are politically unattractive.
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