Wall Street veteran joins SCUSA board

Wall Street veteran and credit derivatives specialist Blythe Masters has been named as the new non-executive chairman of the board of directors of sub-prime lender Santander Consumer USA (SCUSA).

Masters succeeds Stephen Ferriss, who served as interim chairman following the surprise management shakeup at the company in early July, following the departure of the previous chairman and chief executive, co-founder Thomas Dundon.

Ferris remains on the board, which is joined by new directors Jose Garcia Cantera, Victor Hill, Monica Lopez-Monis Gallego,Javier Maldonado, Robert J. McCarthy and William Rainer. This brings the total number of SCUSA board members from 12 to 13, six of whom are independent directors.

Masters held senior executive roles at J.P. Morgan Chase & Co., where she served as the head of its global commodities business from 2007 to 2014, as the head of Corporate & Investment Bank Regulatory Affairs from 2012 to 2014, and as CFO of J.P. Morgan’s investment bank from 2004 to 2007. She also has broad experience leading industry associations and non-profit boards.

In March this year Masters took on the role of CEO of tech finance payment start up Digital Asset Holdings. The company has recently announced the launch of a technology platform that facilitates the safe and efficient settlement between digital currencies (so-called “crypto currencies such as Bitcoin) and traditional currencies.

T. Timothy Ryan, chairman of the board of directors of Santander Holdings USA, Inc., SCUSA’s parent company, said: “Ms. Masters’ global financial experience and leadership in US banking aligns well with our broad development strategy and objectives for Santander’s business in the US.”

Masters said, “I am honored to join the SCUSA Board and am pleased to serve as chairman. SCUSA has an impressive history of growth and entrepreneurship that will serve it well as it builds foundations for the future. I look forward to partnering with my new colleagues and shareholders, and working alongside SCUSA CEO Jason Kulas and his team, as we continue to focus on increasing shareholder value.”

Jason Kulas, CEO of SCUSA, said: “Blythe Masters’ deep understanding of the financial markets and emerging bank technologies, coupled with her regulatory expertise, make her the right choice to lead the SCUSA board. She has a long track record as an innovator, which fits SCUSA’s entrepreneurial culture and our focus on using data and scalable technology to originate and service attractive consumer assets.”