UniCredit board member did not quit due to alleged spat over CEO pay - chairman
Reuters
Published Mar 17, 2023 03:30AM ET
MILAN (Reuters) - The former head of the remuneration committee and board member of UniCredit, Jayne-Anne Gadhia, did not quit the bank due to alleged disagreements over the pay package of CEO Andrea Orcel, the chairman of Italy's No.2 lender said on Friday.
UniCredit is proposing hiking Orcel's fixed salary by 30% while a corresponding increase in the variable pay would be tied to the group beating financial targets.
Hitting 2023 goals would leave Orcel with the same overall pay of up to 7.5 million euros ($5.33 million) as in 2022, making him one of Europe's best paid bank executives, thanks to a reduction in the compensation's variable component, which will be all in shares and spread over a longer period.
"The suggestion that Dame Jayne-Anne left the bank 'after skirmishes ... over [chief executive] pay' is false, as we have repeatedly said", Chairman Pier Carlo Padoan said in a letter to the Financial Times, referring to an opinion piece published by the British newspaper on March 13.
($1 = 0.9378 euros)
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.