The Drum Awards Festival - Official Deadline

-d -h -min -sec

Sir Martin Sorrell

Sir Martin Sorrell receives £11m share issue from WPP equity leadership plan

Author

By Stephen Lepitak, -

March 22, 2013 | 2 min read

Sir Martin Sorrell has received around £11 million in shares as part of the ongoing performance of his international marketing company WPP.

The shares were rewarded last week as a result of the 2004 Leadership Equity Acquisition Plan (LEAP) which was granted in 2008 and was set over a period of five years.

Sorrell, CEO of WPP, received 473,558 of shares which he was entitled to through the US portion of the award alongside 579,907 shares entitled through the UK portion.

The current share price for WPP is around £10.40 per share.

In order to meet tax liabilities in the US however, he sold 244,214 shares, around 1.2 per cent of the 18.904,480 million shares he and his family holds in the company in total.

He has previously deferred awards granted under LEAP between 2004-2007.

Meanwhile, WPP financial director Paul Richardson received 526,730 shares as a result of LEAP 2008, selling 447,830 of them to fund taxes and other financial commitments, leaving him with 716,370 shares in total.

At the beginning of March, WPP reported record figures for 2012, posting pre-tax profits of £1.3 billion.

Sir Martin Sorrell

Content created with:

WPP

WPP plc is a British multinational communications, advertising, public relations, technology, and commerce holding company headquartered in London, England. It was...

Find out more

More from Sir Martin Sorrell

View all

Trending

Industry insights

View all
Add your own content +