WPP Chief Executive Martin Sorrell Takes Cut to Annual Salary
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WPP Group Chief Executive Martin Sorrell has taken a slight cut in his annual salary and benefits, after 60% of shareholders rejected his $20 million pay package at last year’s annual general meeting.
After consultations with disgruntled shareholders, WPP Group said in its annual report that the compensation committee had “sought to balance the broad range of views expressed by shareowners with the needs of the business,” but admitted that the new arrangements “will not meet every shareowner’s individual preferences or views on what’s best for the company.”
There has also been an overhaul of the compensation committee — chair Jeffrey Rosen is stepping down from the role after nine years, but will remain a director of the company. (A replacement has been identified but cannot be disclosed until client conflict has been cleared.) Esther Dyson and Philip Lader will also leave the compensation committee in December 2013. In another sign that WPP Group is bowing to investor pressure, it has recruited four new non-executive directors.
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