Santander Compensation Due to Andrea Orcel Is Reduced
January 14 2022 - 12:40PM
Dow Jones News
By Cristina Roca
A Spanish judge has reduced the compensation due by Banco
Santander SA to Andrea Orcel, the banker whose appointment as chief
executive it canceled, to 51.4 million euros ($58.9 million),
according to a court document seen by The Wall Street Journal.
The reduction of the amount due, initially set at EUR67.8
million in a December ruling by a Madrid court, followed requests
for clarification by both parties.
Santander still plans to appeal the ruling, a company
spokesperson said Friday.
Mr. Orcel wasn't immediately available for comment.
The dispute between the two parties began in 2019 after
Santander Executive Chairman Ana Botín withdrew an offer to hire
Mr. Orcel as Santander's CEO. She said the bank couldn't justify
his EUR50 million-plus price tag, equivalent to $57 million at the
time, which included compensation for shares he would leave behind
at his then employer, UBS Group AG.
Mr. Orcel, who now holds the top job at Italy's UniCredit SpA,
sued Santander for damages. A Madrid court last month ordered the
Spanish bank to compensate the executive for reneging on its
promise to name him its CEO.
Write to Cristina Roca at cristina.roca@wsj.com
(END) Dow Jones Newswires
January 14, 2022 12:25 ET (17:25 GMT)
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