Sir Martin Sorrell to bank £2.1m bonus from WPP
WPP is to pay former chief executive Martin Sorrell £2.1 million as part of a long term incentive plan after the firm confirmed it would not challenge the award.
The advertising guru left the company last year in the wake of allegations of personal misconduct, and it had been thought that WPP would look to withhold payouts after his departure.
However, on Thursday, WPP said that an executive performance share plan for 2014 to 2018 would vest to 33.3% of the maximum.
This entitles Sir Martin around 250,000 shares, amounting to £2.1 million, in addition to dividends on the stock.
Sir Martin is still set to hoover up nearly £20 million in payouts from WPP over the coming years as part of an exit deal with the firm.
His pay was a major bone of contention while at WPP.
Sir Martin was awarded £70.4 million in 2015, £48.1 million in 2016 and £13.9 million in his last year at the helm of the advertising giant.
Investors had branded Sir Martin’s pay deals “excessive” and “ridiculous”, and a third of shareholders staged a protest by voting against the company’s remuneration policy in 2016.
Sir Martin founded WPP more than 30 years ago, but his departure remains mired in controversy.
WPP carried out an inquiry into allegations that he misused company funds, but the details of the investigation were never revealed.
He has since gone on to start up a rival business, S4 Capital.