WPP chairman Phil Lader set to depart as report claims shareholder revolt expected over Sir Martin Sorrell's salary increase
WPP chairman Phil Lader is reportedly announce his intention to resign this week ahead of a boardroom clear-out.
According to The Sunday Times, Lader will inform investors of his intention to resign before Christmas of 2014, by which time he will have been chairman for 13 years, although Lader has already stated his intention to do so within the company's April results.
The Sunday Times indicates that the decision has been taken by Lader over infighting around the company’s salary policies, with a fresh revolt set to be staged by shareholders after it emerged that CEO Sir Martin Sorrell saw his pay package rise by almost 50 per cent, despite 60 per cent of shareholders turning down an increase this time last year.
In March this year, The Drum reported that Sir Martin received around £11 million in shares as part of the ongoing performance, while last year, Sir Martin recorded a salary of £17.6m, including bonuses. However following a cut of £150,000 agreed earlier this year, he is expected to see his base pay fall to £1.15m.
The Sunday Times also claims that around a quarter of shareholders will stage a revolt on this occasion at the annual meeting on Wednesday and that headhunter Egon Zehnder has been commissioned to hire new faces for the boardroom.
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WPP plc is a British multinational communications, advertising, public relations, technology, and commerce holding company headquartered in London, England. It was...
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