MILANO – Andrea Orcel, current CEO of Unicredit, will not be 68, but just over 51 million, will collect from Santander for the failure to be appointed as head of the Spanish bank. To fix the figure, down by 16 million compared to the first indications, was a court of Madrid, which expressed itself a month after the first sentence in the banker’s case against the institute for the non-appointment as CEO.
The new ruling comes after both Orcel, who is now at the helm of UniCredit, and the Spanish institute had asked the judge for clarification on the 35 million envisaged by the buyout clause initially assigned to the manager by the court on 10 December last. On that date, the court had established a total compensation of 68 million euros in favor of Orcel.
According to the reconstructions, it was the lawyers of both parties (and therefore also of the Italian banker) who pointed out that the figure was too high because it did not take into account the fact that, at a certain point, Orcel was already in Unicredit and the fact that he had already received part of the compensation from UBS, the bank from which he was “called” precisely to move to Santander, which never happened.
Moreover, the new amount indicated will not be paid entirely in cash but a large part (18.6 million according to the Ft) in Santander shares, over the next seven years, as per the long-term remuneration policies of the same bank.