Jan 16, 2019 Banco Santander has said that Italian banker Andrea Orcel would not take over as chief executive after it could not meet his pay expectations,

UBS investment banking president Andrea Orcel will no longer take on the role of CEO at Santander due to compensation concerns. By Hayley McDowell Spanish group Santander has decided to reverse its appointment of UBS investment banking president Andrea Orcel as its new chief executive due to an issue with his remuneration.

The bank changed its mind the following January, saying it could not meet his pay demands, in a rare U-turn involving such a high-level appointment. Meanwhile, Jose Antonio Alvarez, 61, the veteran CEO whom Orcel was to have replaced, remains in his job -- leaving questions about Santander’s longer-term management direction. How Will The Case Proceed? Proceedings at Madrid’s Court of First Instance No. 46 are expected to only last Wednesday morning.

Early last January, Andrea Orcel flew from London to Madrid, ostensibly to lunch with Santander Chairman Ana Botin. Being CEO of a behemoth like Santander with its 1.5 trillion-euro asset base would have given Orcel one of the top jobs in European banking. Having that opportunity wrestled away from him clearly rankled -- Orcel told the Financial Times he had been days away from buying a house in Madrid and his daughter had already been accepted into her new Spanish school. The star banker is pursuing several attempts to get Santander to make up for firing him as CEO before he had a chance to take the job. One of the avenues foundered in Spanish court.

Orcel has sent a claim to Santander asking that the bank either honour an initial contract to make him chief executive or pay him damages of €100m, according to a person familiar with the matter. 2021-03-24 · Andrea Orcel. Madrid 24 MAR 2021 - 12:54 CET. El juicio contra Banco Santander por el fichaje fallido del banquero italiano Andrea Orcel ha sido aplazado al 19 de mayo por problemas de agenda de 2019-01-16 · Spain's Santander drops Orcel as its new CEO, after refusing to meet his pay demands.

Sep 14, 2020 Mr Orcel, who had already quit his UBS post by the time of the volte face and who had asked Ms Botín to “empower” him as CEO, has said he was

Spain's Santander drops Orcel as next CEO, blames pay gap Updated / Wednesday, 16 Jan 2019 07:28. Banco Santander has said that Andrea Orcel would not take over as CEO after it could not meet his Orcel demanded Santander honor its offer or pay compensation but he is expected to be appointed CEO at UniCredit after mid-April so may decide to drop his claim. The source who is familiar with the situation told Reuters at the end of January that Orcel was open to reaching a settlement with Santander and would be ready to cut his claim to 60 million euros. Andrea Orcel is moving ahead with a huge lawsuit against Santander over the Spanish bank’s decision to withdraw its offer to make the former UBS banker its chief executive.

Jul 26, 2019 Bank accuses Andrea Orcel of 'dubious moral behaviour' over its was potentially to become Santander's CEO and has ultimately confirmed

UBS Chairman Axel Weber has been called as a witness but the bank declined to comment or say if he might be in court in Following a board meeting today, the Grupo Santander Board announces that Andrea Orcel’s appointment to the role of Group CEO will not proceed. The Board of Santander made the decision to appoint Andrea Orcel in September 2018. In light of his seniority, along with regulatory, legal and contractual considerations, an early announcement of the appointment was necessary, subject to the usual conditions, including a six-month garden leave.

José Antonio Álvarez will continue as group CEO. Rodrigo Echenique will continue as Chairman of Santander Spain until a successor is appointed. Orcel was slated to join Banco Santander as its chief executive from September 2018 to January 2019. In September 2018, Ana Botín announced that Orcel would lead Spanish commercial bank and financial services company Banco Santander as its chief executive officer (CEO), starting early 2019. Orcel formally left UBS on September 30, 2018. the Board of Directors has decided that José Antonio Álvarez will be succeeded as CEO of the Group by Andrea Orcel, subject to regulatory approval.
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He will now remain as CEO, in the knowledge he was not considered the right person to take the bank forward. Orcel sees his stellar career in tatters – at least for now. 2021-03-09 The star banker is pursuing several attempts to get Santander to make up for firing him as CEO before he had a chance to take the job.

2018-09-26 · Andrea Orcel, a member of the UBS executive committee and the president of its investment bank, will replace José Antonio Álvarez as CEO in early 2019, Santander SAN, -0.58% SAN, -0.05% said in Andrea Orcel will succeed José Antonio Álvarez as the bank’s CEO at the beginning of 2019.
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Sep 14, 2020 Mr Orcel, who had already quit his UBS post by the time of the volte face and who had asked Ms Botín to “empower” him as CEO, has said he was

The decision was officially based on the maximum EUR 50 million that the Spanish lender would have had to pay Orcel as compensation for his foregone deferred share awards at UBS. Mr Orcel has been given time by UniCredit in order to reach an agreement with Santander over a €112m lawsuit he brought against the Spanish lender after it withdrew its offer to hire him. 2019-07-03 · The former head of UBS's investment banking unit, Andrea Orcel, filed a $113.0m lawsuit against Santander after it walked back on its agreement to name him as its new chief executive officer.

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Orcel demanded Santander honour its offer or pay compensation but he is expected to be appointed CEO at UniCredit after mid-April so may decide to drop his claim.

Orcel is suing Santander for about 100 million euros ($122 million ) over its decision to withdraw the CEO job offer. The dispute centered around deferred compensation that he would lose if he took another job in the financial industry after leaving UBS. UBS investment banking president Andrea Orcel will no longer take on the role of CEO at Santander due to compensation concerns. By Hayley McDowell Spanish group Santander has decided to reverse its appointment of UBS investment banking president Andrea Orcel as its new chief executive due to an issue with his remuneration. Orcel solicita a la entidad financiera cinco anualidades del hipotético sueldo que hubiese tenido en Santander -a razón de 10 millones por año-, 52 millones en compensación por su salida del 2019-01-15 · Banco Santander SA reversed course on installing Andrea Orcel as its next chief executive officer after a standoff over tens of millions of dollars in deferred pay. UBS Group AG held a hard line (Bloomberg) — Andrea Orcel’s legal feud with Ana Botin shifts this week to a Madrid courtroom where he’ll seek redress from Banco Santander SA for withdrawing an offer to help run one of Europe’s biggest banks. Orcel, 57, is seeking as much as 112 million euros ($133.2 million) in compensation from Spain’s No. 1 lender … Orcel was offered the role of CEO at Santander in September 2018. The bank changed its mind the following January, saying it could not meet his pay demands, in a rare U-turn involving such a high-level appointment.

David Crow in London July 15 2019 Santander offered to pay Andrea Orcel a sign-on package worth up to €52m in its aborted attempt to recruit him as chief executive, according to a formal offer

2021-03-09 The star banker is pursuing several attempts to get Santander to make up for firing him as CEO before he had a chance to take the job. One of the avenues foundered in Spanish court.

Proceedings at Madrid’s Court of First Instance No. 46 are expected to only last Wednesday morning. Banker Orcel's CEO court showdown with Santander pushed back to April It is still due to take place before Orcel's planned appointment as chief executive of Italy's UniCredit, expected after a shareholders' meeting in mid-April. Orcel was offered the role of CEO at Santander in September 2018. Spain's Santander drops Orcel as next CEO, blames pay gap Updated / Wednesday, 16 Jan 2019 07:28. Banco Santander has said that Andrea Orcel would not take over as CEO after it could not meet his Orcel demanded Santander honor its offer or pay compensation but he is expected to be appointed CEO at UniCredit after mid-April so may decide to drop his claim. The source who is familiar with the situation told Reuters at the end of January that Orcel was open to reaching a settlement with Santander and would be ready to cut his claim to 60 million euros.