1. A $57 Million Pay Dispute Sees Andrea Orcel get Dumped as New Santander CEO Before Even Getting Started

    A $57 Million Pay Dispute Sees Andrea Orcel get Dumped as New Santander CEO Before Even Getting Started
    • Santander said late on Tuesday that it will no longer be appointing UBS executive Andrea Orcel as its new CEO.
    • The Spanish banking giant said that the level of compensation that was required to hire Orcel was "unacceptable."
    • The sticking point in bringing Orcel to Santander was years of compensation that had previously been deferred by UBS, which, owing to his departure, the Swiss bank was reluctant to pay...
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    1. It has now become clear that the cost to Santander of compensating Mr Orcel for the deferred awards he has earned over the past seven years, and other benefits previously awarded to him, would be a sum significantly above the board's original expectations at the time of the appointment.
    2. The board considers that for Santander to pay this amount to facilitating the hiring of one individual, even one of the caliber and background of Mr Orcel, would be unacceptable for a retail and commercial bank such as Santander.
    3. He is devastated, not only because of all that has happened, but also because his career is in a shambles.
    4. He rises at 5am and often works late into the night, but still resorts to running up Zurich's hills instead of around its idyllic lake so he can pack a notional 60 minutes of exercise into 30 minutes of brutal intensity.
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