UniCredit board member did not quit over CEO pay dispute.

UniCredit Chairman refutes rumours that Jayne-Anne Gadhia quit due to disagreement over CEO pay

Pier Carlo Padoan, the Chairman of Italy’s No.2 lender, UniCredit, was quick to squash rumours of Jayne-Anne Gadhia resigning from the board due to disagreements with the CEO Andrea Orcel’s pay package. The bank is proposing a hike in Orcel’s fixed salary by 30%, but any increase in variable pay will only kick in if financial targets are met. This, however, would mean that Orcel’s overall pay would remain the same as in 2022, tying it to achieving 2023 goals.

Dame Jayne-Anne left the bank due to personal reasons

In his statement, Chairman Pier Carlo Padoan reiterated that the suggestion that Dame Jayne-Anne left the bank “after skirmishes … over [chief executive] pay” was false, as the bank had repeatedly stated. Gadhia’s resignation was due to personal reasons, and the decision was amicable on both sides.

UniCredit is committed to achieving its objectives

UniCredit aims to create a culture of transparency and fairness, which is reflected in its executive compensation policies. The bank is committed to achieving its objectives and is confident that Orcel’s experience in leading an international bank will help achieve great results.

In conclusion, UniCredit’s Chairman has categorically refuted any rumours of disagreements between the board members and CEO Orcel’s pay package. The bank is committed to achieving its 2023 goals and creating a transparent system that rewards its top executives.#UniCredit #board #member #quit #due #alleged #spat #CEO #pay