SIR Martin Sorrell, founder and chief executive of the advertising giant WPP, has scooped £36 million from the group’s controversial executive bonus scheme, it was confirmed yesterday.
Sorrell and 16 other executives had to commit shares to participate in the scheme, which allowed them to receive up to five times as many shares dependent on performance.
A shareholder revolt against the terms of the bonus caused it to be dropped by WPP in 2012, but the payouts are based on the share purchases they made in the years before its replacement.
The payout means Sorrell, already regarded as the highest-paid chief executive in the FTSE 100, is set to receive more than £40m in total pay and awards for 2014, including a £1.1m basic salary and a likely annual bonus topping 2013’s £4.1m.
WPP’s annual report is due at the end of April. Sorrell has turned the business into one of the world’s biggest advertising and marketing companies, with about 180,000 staff and UK agencies including Burson-Marsteller, Ogilvy and RLM Finsbury.
The company is worth more than £20 billion and last year had revenues of £11.5bn and profits of £1.68bn.
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