Santander ‘faces €100m lawsuit’ from Andrea Orcel over CEO row
Santander has reportedly been landed with a €100m (£90m) legal challenge from Andrea Orcel, the investment banker who was denied the role of chief executive just four months after being offered the post.
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Orcel has filed a lawsuit claiming the Spanish multinational bank violated a contract between the two sides, according to the Financial Times.
Sources told the newspaper that he has demanded he is given back his role of chief executive or paid damages adding up to roughly €100m.
The move is the latest twist in a high-profile battle between the two sides, which was first sparked when Santander announced in January that it was ditching plans to hire Orcel.
“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,” the Spanish bank said at the time.
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Orcel, who carved out a reputation as a star investment banker at UBS, has since reportedly rejected an advisory role at the bank.
Santander declined to comment.