offer but he declined. In July 2019, Orcel launched a €100 million ($113 million) breach-of-contract lawsuit against Santander. In December 2021, a court in Madrid ruled that he should be awarded €68m in compensation from Santander. This figure was adjusted in January 2022 to €51.4m of which €18.6m was to be in the form of Santander shares over seven years, plus an additional €10m for moral and reputational damage. Post-Santander On January, 27th 2021, the board of UniCredit has named Andrea Orcel as the new CEO that will take the place of Jean Pierre Mustier. In March 2022, Orcel received criticism over his pay packet of $2.7 million. In a letter signed by Andrea Vintani, the bank argued that the amount was 'in line with compensation at other comparable banks' and was 'between the median and third quartile' of their European peers and that any arguments made against it were 'incorrect and may lead to wrong conclusions'. Management style Orcel's management style has widely been received as valuing hard work and presenteeism, and being performance-driven. Orcel has stated in interviews that his favorite book is Angela Duckworth's Grit: The Power of Passion and Perseverance, whose central thesis is that "the secret to success is not raw talent, but rather a blend of passion and persistence." Orcel's personality and management philosophy has been criticized for not facilitating team work, isolating those who do not perform, and being high maintenance. In response to this criticism, he has stated that he was "not easy" and "demanding" but not willing to "ask for something I'm not doing myself." Additionally, he has stated that people should not "generalize what a few people with an objective say about [him]." In May 2015, he also denied allegations that he asked junior bankers to skip vacations and come in on holidays. Orcel was quoted as respecting a banker's choice to "cancel their holidays themselves so they can stick around to help with a deal", but doesn't demand it of them. After a Bank of America intern died from working 72 hours straight in 2013, many banking executives, including Orcel, were pressured to reform their scheduling. He rebuffed the calls for change and declined to amend the working hours of UBS junior bankers. Multiple profiles of Orcel undertaken by the Financial Times describe him as 'voraciously competitive', capable of "[losing] his temper in a typical Italian way", "[shouting] at