UniCredit New CEO’s $9 Million Pay Doubles That of His Predecessor
- Shareholders set to vote on compensation on April 15
- Package likely to pass though advisers raised concerns
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Before Andrea Orcel takes the helm of UniCredit SpA this week he’s already in the midst of controversy on a topic that’s followed him around in recent years: his pay.
The proposed 7.5 million euros ($8.9 million) in annual compensation for leading the Milan-based lender has drawn criticism from top investor advisers, which are advocating shareholders to vote against the pay package on April 15. Proxy firm ISS has pointed out that Orcel’s fixed remuneration is more than double that of his predecessor, Jean Pierre Mustier.