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Exclusive-Madrid court reduces to 51.4 million euros compensation awarded to Orcel by Santander

by Mike Robinson

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© Reuters. FILE PHOTO. Ana Patricia Botin, the chairwoman of Banco Santander, and Andrea Orcel, an Italian banker, are present at a Santander trial over Orcel’s resignation as CEO. The case was held in Madrid on May 19, 2021. REUTERS/Juan Medina

MADRID, Reuters – The compensation award to Andrea Orcel by a Madrid court was reduced to roughly 51.4 millions euros from 16 million euro after Santander (MC) pulled an offer to the Italian banker to become its CEO.

Santander, Orcel and Santander sought clarification from the judge about the initial 35 million Euro buyout clause that was awarded to the Italian banker on Dec. 10, according to a document obtained by Reuters.

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