Andrea Orcel Cuts Santander Claim as Case Heads to Court -Source

By Pietro Lombardi

Andrea Orcel has sharply reduced his claims against Banco Santander SA in relation to the Spanish bank's decision to withdraw his proposed appointment as chief executive.

The banker, now chief executive of Italian bank UniCredit SpA, is seeking roughly 76 million euros ($92.9 million) down from around EUR112 million originally, a person familiar with the matter said.

Banco Santander chose Mr. Orcel as CEO in September 2018 but in January 2019 decided to cancel the appointment over his compensation. Mr. Orcel alleges that the bank broke a contract it had offered him, while Santander says that under Spanish law his offer letter wasn't a contract and that a contract was never completed or fulfilled.

"This has always been about integrity and ensuring that the truth was put on the record," Mr. Orcel said Wednesday in Madrid, where a court was hearing the case. A decision could take weeks or months.

Mr. Orcel's claims include roughly EUR10 million for reputational damages and around EUR20 million for two years of pay at Santander. He was previously seeking compensation for five years of pay.

UniCredit and a representative for Mr. Orcel declined to comment.

Write to Pietro Lombardi at pietro.lombardi@wsj.com; @pietrolombard10

(END) Dow Jones Newswires

May 19, 2021 07:48 ET (11:48 GMT)

Banco Santander (NYSE:SAN)
Historical Stock Chart
From Mar 2024 to Apr 2024