Sovereign Bancorp Inc., the Philadelphia thrift company that has agreed to sell itself to Banco Santander SA, would take a $2 billion writedown and get a new chief executive officer, according to Emilio Botin, Santander's chairman.

Gabriel Jaramillo, a former head of Santander's Brazilian unit, would lead Sovereign, Mr. Botin said today at a meeting of the Spanish company's shareholders. Santander would take "an initial writeoff" of $2 billion from Sovereign, which would make a profit of $750 million by 2011, he said.

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