UniCredit may hike CEO's pay by up to 40% - newspaper
25/02/2023 07:55
MILAN, Feb 25 (Reuters) - UniCredit CRGI.MI is
considering a pay rise of between 20% and 40% for Chief
Executive Andrea Orcel, Italian daily Il Sole 24 Ore reported on
Saturday, citing market sources.
Orcel's pay package would rise to 9.0-10.5 million euros
($9.5-11.1 billion) from 7.5 million euros at present. A final
decision has not been made and it will hinge on feedback from
investors, who are currently being consulted by the bank, the
paper said.
UniCredit declined to comment.
UniCredit had indicated it would reassess Orcel's
remuneration ahead of its 2023 general meeting to see if the
results achieved by the former UBS investment banking chief
warranted an increase, a document on the bank's website showed.
On his arrival at UniCredit in April 2021, Orcel narrowly
dodged a shareholder revolt over his pay, which is double that
of his predecessor. Leading investor advisory firms raised
concerns over his salary again last year.
Orcel has focused UniCredit on businesses that maximise
returns in relation to the capital allocated to such activities,
in order to boost investor rewards through dividends and share
buybacks.
UniCredit's share price has more than doubled since Orcel's
arrival.
($1 = 0.9482 euros)
(Reporting by Valentina Za
Editing by Mark Potter)
((valentina.za@thomsonreuters.com; +39 02 6612 9526;))