A Madrid court has ordered Spanish bank Santander to pay Andrea Orce, now head of ltaly’s UniCredit, €68m in compensation for reversing its decision to hire him as CEO in 2018, reported the Financial Times.
The payment includes €10m for “moral and reputational damages,” €5.8m for two years of salary, a €17m sign-on bonus and €35m for loss of long-term incentives. Orcel had sought €112m.
In January, Santander said that it plans to appeal against the ruling.
According to the Daily Mail, Pete Redfern is stepping down as CEO of housebuilder Taylor Wimpey after nearly 15 years at the helm.
In 2019, he cashed in nearly £4m-worth of shares comprising more than half of his stake, worth around three times his £852,000 annual salary. Redfern also took advantage of the 5 percent staff discount to buy four Taylor Wimpey properties in Spain and Britain worth £1.7m, saving £80,000; and pulled out of buying a fifth in London, worth £2.5m, amid outrage from executive pay campaigners when the price was cut by £436,000.
Joseph Bae and Scott Nuttall, the new co-CEOs at US private equity giant KKR, have received incentive packages that could leave them each holding $1bn in stock should the share price increase by roughly 80 percent, says Bloomberg. The pair were each handed 7.5 million stock units, worth around $565m at current prices, that will be paid in five instalments provided they remain in the posts for at least five years.
Kris Paterson is a writer for WhatJobs.com