Sir Martin Set For Mega WPP Pay Day, As Mark Read Pockets A Cool $6.8 Million
WPP CEO Mark Read (main photo) pocketed £3.7 million ($A6.8 million) in bonuses in 2018 the holding company’s annual report has revealed.
However, it wasn’t a patch on what ousted supremo Sir Martin Sorrell is apparently due, with a whopping £8.5 million ($A15.62 million) coming his way in share bonuses up until 2022.
The annual report revealed that Sorrell – who was removed as the company CEO in April last year – made £3.09 million ($A5.68 million) for his final three-and-a-half months with the company.
It’s long been rumoured that Sorrell’s extravagant pay cheques – that he handed himself – were one of the prime reasons he was punted by the WPP board.
Sorrell’s severance package included £2.52 million ($A4.63 million) in long-term incentive payments, £391,000 ($A718,000) base salary and £172,000 (A$316,000) in benefits and pension.
The 74-year-old remains a significant share holder in the company he founded, hence the £8.5 million he’s set to receive in share bonuses.
For his part, Read received a “special award” of £1.5 million ($A2.7 million) in June of last year while he effectively ran WPP before being officially elevated to the CEO role in September.
For the four months he was WPP CEO to 31st December, Read was paid a salary of £325,000 – equivalent to £975,000 a year. He also received £244,000 in short-term incentive payments and £327,000 in long-term incentive payments.
Read also received a further £1.25 million related to his performance when he was CEO of Wunderman and then joint chief operating officer.
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