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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