From Breakingviews - UniCredit CEO Orcel has leverage in pay debate
Meanwhile, there is always a risk that Orcel jumps ship to another large European bank. Should the top job at former employer UBS become available, for example, he would be a leading candidate. As UniCredit’s board members mull whether to up his pay, that will be at the front of their minds.Italian lender UniCredit will review the pay package of its Chief Executive Andrea Orcel ahead of its 2023 general meeting.
UniCredit Chairman Pier Carlo Padoan told Reuters in an emailed comment on Dec. 2 that the bank’s remuneration committee will make a recommendation to the board regarding the CEO’s pay “incorporating views of investors and wider stakeholders.” Orcel has not asked for a pay rise, Padoan added. Orcel’s pay package envisages a fixed salary of 2.5 million euros a year and a bonus of up 5 million euros. Orcel, whose package is more than twice that of predecessor Jean-Pierre Mustier, was also awarded a sign-on bonus worth 4.8 million euros in shares when he joined the bank in 2021.Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
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