WPP’s Sorrell bats off shareholder concerns to become highest paid FTSE 100 boss
Sir Martin Sorrell, head of the global advertising firm WPP, has shrugged off shareholder concerns to bank a 43 per cent pay rise for 2014, taking his total remuneration for the year to £43m.
Sorrell made headlines in 2012 when a majority of WPP shareholders rebuffed a 60 per cent pay rise to £6.8m following a double digit percentage fall in the firm’s share price. Since then however WPP has rebounded with Sorrell’s wallet fattening in tandem.
Sorrell has taken much of the credit for building WPP into the advertising giant it is today, earning the appreciation of his board.
WPP chairman Philip Lader defended the expense however“Few can match Sir Martin Sorrell in capturing media attention, coining a substantive phrase, or promoting their companies. He is indefatigable: never a trip or day without client meetings, keynotes at major forums, and social events to secure or strengthen client relationships. His insights are sought in countless quarters, benefiting WPP’s and its constituent companies’ brands and bottom lines.
“Our non-executive directors are unanimous in the view that Martin Sorrell is the best chief executive officer in this industry.”
Whether shareholders have now changed their minds will be revealed at WPP’s AGM in June.