Andrea Orcel Sues Santander for $113 Million After Withdrawal of CEO Job Offer
- Former UBS executive Orcel sues for fulfillment of contract
- Spanish bank in January canceled plan to hire Orcel as CEO
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Ex-UBS Group AG investment banking head Andrea Orcel is suing Banco Santander SA for about 100 million euros ($113 million) after the Spanish bank reneged on an agreement to hire him as chief executive officer, according to a person familiar with the matter.
Orcel has filed a suit for fulfillment of contract, the person said, asking not to be named because the matter is private. The amount is about double what Santander had balked at paying the executive to compensate him for unpaid bonuses from UBS in the surprise decision to row back on its offer to hire him. A Santander spokesman declined to comment.