WPP's chairman Roberto Quarta sticks up for boss Sir Martin Sorrell's £70 million pay
WPP’s chairman has defended its founder and chief executive Sir Martin Sorrell’s £70 million pay package and also said he has started the search for a successor.
Roberto Quarta said: “While the value of Sir Martin Sorrell’s award is very large, it was the result of an outstanding set of returns to share owners.”
WPP’s annual report today showed Sorrell’s total package rose from £42.7 million to £70.4 million. The bulk of that came from a £62.8 million long-term bonus paid in shares and a short-term bonus of £4.3 million.
Quarta pointed out that, in the five years of the long-term bonus, WPP’s market value had doubled and its total shareholder return was 135%.
He said he would consult with major shareholders this year before putting forward a new pay scheme in 2017.
He also said he had talked to shareholders about 71-year-old Sorrell’s successor.