Calculated as part of WPP’s long-term executive performance share plan, former chief executive Sorrell will receive 250,000 shares, plus dividends, a sizable sum in light of previous threats by WPP to cut off Sorrell entirely from future share awards.
WPP made the suggestion during a heated contest between Sorrell and WPP to wrest control of Dutch firm MediaMonks, with that battle ultimately being won by Sorrell’s S4 Capital. Since that time WPP has not pursued any further claims on Sir Martin’s bonus.
Sorrell retains a 1.4% stake in WPP, worth an estimated £150m despite a recent downturn.
Sorrell is no stranger to bumper WPP pay packets having regularly stoked the ire of shareholders over his hefty remuneration prior to his departure.