Thomas Whiteaker has joined Spain-based bank BBVA’s corporate venturing unit leaving his role heading US-based insurer Hartford Financial Services Group’s corporate venturing unit.
The move is the latest sign BBVA is making a serious push to become a player in financial services corporate venturing in the US, and reunites Whiteaker with his former colleague at Visa Jay Reinemann. BBVA’s president Francisco Gonzalez is said to take a personal interest in the group, regularly flying into meetings in Silicon Valley. Gonzalez was a former employee of technology group IBM.
Whiteaker said: “This is a unique opportunity to team up again with my former colleague at Visa for eight years. Jay has built a solid team over the past year and a half and I am looking forward to working with them and the rest of the BBVA organisation to efficiently and effectively drive strategic value through our ventures activities.”
Whiteaker added: “I am excited to be joining BBVA Ventures as an Executive Director. BBVA is committed to open innovation through corporate venture and I am honored to be in a position to build another industry leading corporate venture programme. “
A Hartford spokeswoman said: “Moving forward, Hartford Ventures will be led by Andrew Amigo and Anthony Grosso as the programme continues to focus on its dual objectives corporate venture investing and engaging the entrepreneurial community in an open innovation model.”
The spokeswoman added: “Amigo will focus on the investment operation while Grosso will continue to manage the business development function of Hartford Ventures. Hartford Ventures is well positioned to continue as an engine of innovation and entrepreneurial spirit for The Hartford. The team will continue to explore investment and alliance opportunities that are closely aligned with the customers and markets served by the company.”
Whiteaker said: “Hartford Ventures is in good hands and well positioned as the go-to player in the insurance industry for VCs and entrepreneurs. It has been a great ride leading the effort to rebuild Hartford Ventures over the past four years.”
Whiteaker’s departure follows that of Jacqueline LeSage Krause, vice-president of innovation and corporate venture capital at the Hartford who left in April.