By Olivia Bugault

 

Banco Bilbao Vizcaya Argentaria SA said Friday that its chairman, its chief executive officer and other executives have waived their 2020 variable remuneration.

The Spanish bank said 330 employees, including Chairman Carlos Torres Vila and CEO Onur Genc, have voluntarily decided to partly or totally renounce to their variable remuneration "as a gesture of responsibility in a year marked by the Covid-19 pandemic."

Both BBVA's chairman and CEO earned the same salary as they did in 2019, of 2.45 million euros ($3 million) and EUR2.18 million, respectively, the company said. "The decision represents a 44% reduction in the chairman's total remuneration for the year, and a 45% reduction for the CEO," BBVA said.

 

Write to Olivia Bugault at olivia.bugault@wsj.com

 

(END) Dow Jones Newswires

February 12, 2021 04:16 ET (09:16 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
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