MILAN (Reuters) – UniCredit will put to a shareholder vote a proposal by its board to raise the compensation of Chief Executive Andrea Orcel by 30%, a person with knowledge of the matter said on Wednesday.
With a pay package worth up to 7.5 million euros ($8 million) a year, Orcel was already among Europe’s best paid banking executives. The board said last year it would review the CEO’s compensation on the basis of 2022 earnings.
Since Orcel’s arrival in April 2021, UniCredit’s share price has more than doubled, adding nearly 20 billion euros to the bank’s market value and ensuring its return this week into the euro zone’s blue-chip index Euro Stoxx 50 after seven years.
($1 = 0.9369 euros)
(Reporting by Valentina Za; Editing by Keith Weir)
