Santander: Andrea Orcel not to be appointed CEO
(CercleFinance.com) - Spanish banking giant Santander said on Tuesday that Andrea Orcel's appointment to the role of group CEO will not proceed as planned, due to remuneration issues.
In a statement, Santander said that it had become clear that the cost of paying Andrea Orcel, an investment banker from UBS, would be "significantly above" its expectations.
In short, the group would have had to pay Orcel for the deferred awards he has earned over the past seven years, and other benefits previously awarded.
"The board considers that for Santander to pay this amount to facilitate the hiring of one individual, even one of the calibre and background of Mr Orcel, would be unacceptable for a retail and commercial bank," Santander said.
This means that José Antonio Álvarez will continue as group CEO, while Rodrigo Echenique will stay in office as chairman of Santander Spain until a successor is appointed.
Banco Santander shares were down 0.1% this morning in Madrid.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
In a statement, Santander said that it had become clear that the cost of paying Andrea Orcel, an investment banker from UBS, would be "significantly above" its expectations.
In short, the group would have had to pay Orcel for the deferred awards he has earned over the past seven years, and other benefits previously awarded.
"The board considers that for Santander to pay this amount to facilitate the hiring of one individual, even one of the calibre and background of Mr Orcel, would be unacceptable for a retail and commercial bank," Santander said.
This means that José Antonio Álvarez will continue as group CEO, while Rodrigo Echenique will stay in office as chairman of Santander Spain until a successor is appointed.
Banco Santander shares were down 0.1% this morning in Madrid.
Copyright (c) 2019 CercleFinance.com. All rights reserved.