WPP Says It Has Succession Plan, But Gives No Details
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WPP appears to be winning the battle over CEO Martin Sorrell’s pay package, as 74% of shareholders voted in favor of his remuneration agreement at the group’s annual general meeting today at London’s Savoy Hotel, where the focus shifted to another issue, succession management.
WPP chairman Philip Lader, who will himself step down at the end of 2014, sought to reassure shareholders that a plan is in place to replace Mr. Sorrell, who is 68, when the time is right.
Speaking to reporters after the meeting, Mr. Sorrell referred to the hit-by-a-bus scenario that is shorthand for the sudden loss of a company’s leader, saying, “We know what we’d do in the so-called ‘red bus situation’ and in the long term situation. Of course I’m involved. We take succession management very seriously in preparation for whatever might come.”
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