Sir Martin Sorrell was paid a mere £140,000 ($A256,000) by his new company, S4 Capital, for 2018 it has been revealed.
S4’s annual report said Sorrell received £61,000 ($A111,000) in salary, £61,000 ($A111,000) in bonuses and £18,000 ($A33,000) in pension payments since taking on the company director role following his shock exit from WPP in April of last year.
For his last full year at WPP in 2017, Sorrell was paid a staggering £13.9 million ($A25.5 million). That’s an annual drop of $A25.24 million.
However, it’s not all two-minute noodles over at the Sorrell household. As B&T reported last Friday, the 74-year-old is still a significant shareholder at WPP and is reportedly due £8.5 million ($A15.62 million) in share bonuses up until 2022.
In 2016, WPP paid Sorrell a staggering £48million ($A88 million) in salary and bonuses, while in 2015 it was to be as high as £70 million ($A128 million).
According to industry murmurings, one of the chief reasons the WPP board wanted Sorrell removed was the lavish salary packages that he paid himself.
According to S4’s annual report, Sorrell described the company’s debut year as “powerful” and added: “Proforma revenue and gross profit growth of 58 per cent and 49 per cent, and operational EBITDA margin above 20 per cent.
“This performance is planned to continue into 2019, with budgets and plans targeting strong revenue, gross profit growth and improving operational EBITDA margin and with January and February 2019 showing revenue and gross profit like-for-like growth of well over 30 per cent,” the report noted.