Santander picks anti-Orcel as new CEO LiamWardProud
The key sticking point in the Orcel affair was money. Santander’s board, led by Botín, named him as CEO in September 2018 but changed its mind in January 2019, stating that the cost of compensating the Italian banker for his deferred UBS pay was higher than expected. Orcel sued, and a Spanish court last year ordered Santander to pay himNothing so dramatic is likely to happen with Grisi, who joined Santander in 2015 as Mexico CEO.
That’s exactly what the wider group needs to do to prove that Santander’s sprawling mix of businesses is worth more than the sum of its parts. Investors currently doubt that. The bank, whose operations stretch from Britain to Brazil, is currently valued at 5.2 times forecast earnings for the next 12 months, using Refinitiv data. The average European lender trades at 7.4 times.
Grisi is currently the CEO of Santander North America, which includes both the U.S. and Mexican businesses. Before joining Santander, Grisi spent 18 years at Credit Suisse, including as head of investment banking for Mexico, Central America and the Caribbean. Santander shares were up 0.5% to 2.65 euros as of 0800 GMT, compared with a 1% rise for the Euro STOXX Banks Index.Editing by Peter Thal Larsen and Streisand Neto
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