Court Orders Santander To Compensate Andrea Orcel

A court in Spain has ordered that Santander must compensate Andrea Orcel as the company failed to fulfil the offer to appoint him to the role of Group CEO. The compensation is reportedly 67.8 million euros.

The Board of Santander made the decision to appoint Andrea Orcel in September 2018. However, in January, 2019, the Grupo Santander Board decided that Andrea Orcel's appointment to the role of Group CEO will not proceed as the cost to Santander of compensating Orcel for the deferred awards, and other benefits, were a sum significantly above the Board's original expectations at the time of the appointment.

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