WPP chief Martin Sorrell in line for big pay cut following investor criticism
London — WPP’s Martin Sorrell, CEO of the world’s largest advertising company, is facing a huge cut in his pay package following investor criticism and a dismal year, according to a person with knowledge of the matter. The 73-year-old CEO will receive a long-term bonus of less than £15m, compared with £41.6m in 2017, said the person, who asked not to be identified as the figures are confidential. WPP has lost almost a third of its market value over the past 12 months, with advertising industry headwinds taking a smaller toll on Publicis Groupe and Omnicom Group. Major clients such as Unilever and Procter & Gamble have been cutting marketing costs under pressure from activist investors, while companies disrupted by new technologies have been shaving their advertising budgets. WPP’s shares declined 8.2% on March 1 when the company reported its worst annual performance since the financial crisis and gave a bleak outlook for 2018. The shares on Wednesday touched their lowest since 2014 ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.