BBVA's CEO and Chairman Renounce to 2020 Variable Remuneration
February 12 2021 - 04:31AM
Dow Jones News
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)
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