The back-story is certainly dramaturgic. In the early 2000s, as an investment banker, Orcel had been the trusted counselor to Emilio Botín, Ana’s father, during his long chairmanship of Santander. When Ana donned the dynastic crown, she flirted with appointing Orcel as her CEO. Instead of being complementary, they clashed catastrophically. Botín rescinded the appointment. And even today a bitter legal case drags on over a court-awarded €43.4mn compensation deal for the Italian. (A final Supreme Court ruling is expected early next year.)