WPP Cuts Sorrell's Pay, Puts Restrictions on Agency Expenses
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It’s not only Martin Sorrell tightening his belt. WPP Group is asking all its employees to hold down costs — including at Cannes.
The WPP CEO’s total pay for 2016 was cut by nearly a third, according to the holding company’s annual report published Friday, though not a lot of people will be crying for him — he’s still making $62.2 million, down from about $91.1 million the previous year.
The slash in pay follows WPP’s first quarter earnings results; the company reported a 3% drop in North American like-for-like revenue in the first quarter of 2017. Sorrell’s pay has been an issue for some time, with shareholders directly challenging his succession planning and controversial $100 million compensation package last summer at the communications group’s annual general meeting in London.
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