Unicredit, Orcel could get the salary increase
The request for an increase that would have been made by could go through Andrea Orcel and emerged in the newspapers in recent months. According to reports from the Sole24Ore, the institute would be considering meeting the wishes of its CEO after the extraordinary results obtained by Unicredit last year. The evaluations are still ongoing and a decision has not yet been made, the newspaper underlines, because the bank is still involved in the consultations with investors.
According to rumors, however, there would be talk of an increase in Orcel’s compensation from 20 to 40%. In this way the salary of the CEO would pass from 7.5 million euros to a range between 9 and 10.5 million euros. The decision will be made before the general meeting scheduled for the end of March.
The results of Unicredit
Orcel’s request, on the other hand, had come in the wake of results which later proved to be extraordinary. Unicredit closed last year with a net profit of 5.2 billion. They were higher than analysts’ estimates – consensus at 5.13 billion. A record fourth quarter gave the final boost to the accounts: profits of 1.4 billion, decidedly above analysts’ estimates (1.16 billion). A gigantic leap forward when compared with the last quarter of the previous year, which closed with a loss of 1.4 billion.
Orcel also catered to shareholders with a generous profit distribution program. In fact, between the dividend and the buyback, Unicredit plans to distribute 5.25 billion euros to shareholders. The expected cash dividend will be $1.91 billion, or more than 98 cents per shareand the buyback at 3.34 billiondiobviously after the necessary approvals.