WPP Forced To Pay Sir Martin $4 Million In Bonuses Despite Saying It Wouldn’t

WPP Forced To Pay Sir Martin $4 Million In Bonuses Despite Saying It Wouldn’t

He may have left under a cloud last April, however, Sir Martin Sorrell certainly negotiated himself an impressive termination package with news over the weekend that WPP has had to pay its former boss £2.13 million ($A4 million) in a share payout.

The bonus dates back to 2017, reflecting the company’s share price performance between 2014 and 2018 when Sorrell was still in charge of the world’s biggest media company.

WPP had previously said it would not pay Sorrell any bonuses as it alleged he contravened a non-compete agreement when he launched S4 Capital in mid-2018.

And worse may be to come for WPP. Media reports suggest Sorrell is still owed as much as £7 ($A13.4 million) in shares and bonuses from his time in charge and it is something even WPP’s own lawyers have said it won’t be able to wriggle out of.

Sorrell also retains a 1.4 per cent in WPP, estimated to be worth a staggering £150 million ($282 million).

The latest payout will sure to irk WPP management who’d long bemoaned the lavish salary Sorrell paid himself when he was its CEO. In fact, Sorrell’s hefty pay check (and a plummeting share price) was said to be one of the prime reasons the board removed him in April.

 

 




Please login with linkedin to comment

sir martin sorrell WPP

Latest News

Sydney Comedy Festival: Taking The City & Social Media By Storm
  • Media

Sydney Comedy Festival: Taking The City & Social Media By Storm

Sydney Comedy Festival 2024 is live and ready to rumble, showing the best of international and homegrown talent at a host of venues around town. As usual, it’s hot on the heels of its big sister, the giant that is the Melbourne International Comedy Festival, picking up some acts as they continue on their own […]

Global Marketers Descend For AANA’s RESET For Growth
  • Advertising

Global Marketers Descend For AANA’s RESET For Growth

The Australian Association of National Advertisers (AANA) has announced the final epic lineup of local and global marketing powerhouses for RESET for Growth 2024. Lead image: Josh Faulks, chief executive officer, AANA  Back in 2000, a woman with no business experience opened her first juice bar in Adelaide. The idea was brilliantly simple: make healthy […]