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Santander turns down Orcel as CEO over pay

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Santander turns down Orcel as CEO over pay
FILE PHOTO: UBS chief executive Andrea Orcel leaves after attending a UK parliamentary inquiry into Libor interest rates in London January 9, 2013. REUTERS/Olivia Harris   -   Copyright  Olivia Harris(Reuters)
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MADRID (Reuters) – The board of Spain’s largest bank Santander said on Tuesday that Italian banker Andrea Orcel would not take over as CEO as planned after it could not agree on his pay, and Jose Antonio Alvarez would stay on as the chief executive.

Orcel, formerly of UBS, was appointed in September.

“It has now become clear that the cost to Santander of compensating Mr Orcel for the deferred awards he has earned over the past seven years, and other benefits previously awarded to him, would be a sum significantly above the board’s original expectations at the time of the appointment,” Santander said in a statement.

(Reporting By Andrei Khalip; Editing by Ingrid Melander)

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