Santander has accused Andrea Orcel, who is suing the Spanish bank for 100 millio...
) has accused Andrea Orcel, who is suing the Spanish bank for 100 million euros after it withdrew an offer to make him its chief executive, of “dubious ethical and moral behavior”.
Orcel has alleged that a four-page letter written in September in which Santander offered him the job, along with a stock and bonus package to compensate for deferred pay he risked losing by quitting UBS , is legally binding. Orcel said in a statement that he was confident about the merits of his case, adding that all facts regarding his “effective appointment and subsequent illegitimate dismissal” by Santander would be “adequately subject to evidence in court, including all relevant witnesses’ evidence.”It stressed “the material personal and professional damage” that followed previous public announcements on his hiring, dismissal and remuneration details.
Sources familiar with the matter said Orcel and Santander’s executive chairman Ana Botin argued over the scope of his new chief executive role as he wanted more power and autonomy in taking decisions. “From the beginning, Mr. Orcel conveyed expectations regarding UBS’ position with regard to the payment of his deferred compensation that were never met,” the statement said.
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