Resourcing | Santander Vice Chair 'botches' Executive Search

Santander Vice Chair 'botches' Executive Search

Santander’s Vice Chair has come under fire for a ‘botched’ attempt to hire a new boss at the bank amid a sexism storm linked to his other company – This is Money reports.

Bruce Carnegie-Brown – who also serves as the Chairman at Lloyd’s of London - orchestrated a plan to hire investment banker Andrea Orcel to head Santander. However, the offer was quickly withdrawn earlier this year after the bank deemed Orcel’s ‘golden hello’ offer of more than £34million unacceptable.

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As a result, company shareholders are being encouraged to hold Carnegie-Brown as accountable for ‘deficiencies in the company’s hiring process’ and to oust him from the Board.

This news comes less than a month after he was forced to tackle allegations of toxic work cultures at his other firm Lloyd’s.

Bloomberg revealed that women working at the firm had been branded ‘totty’ and were scored out of ten by male colleagues. And this prompted Carnegie-Brown to say: “We realise that we’ve still got a huge amount more to do on diversity.”

This is Money revealed that Santander shareholders have been asked to approve a £34million pot, which will allow the bank to cover the cost of hiring top people. And this pot was reported to be ‘selectively available’ to pay executives and other senior employees within the space of a year.

However, the publication understood that in theory this lump sum of money could be used as a single signing fee for just one executive.



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