Sir Martin Sorrell will pocket more than £2 million from WPP’s executive bonus scheme nearly a year after his acrimonious departure.
The tycoon is to receive about 250,000 shares in the advertising group for its performance between 2014 and 2018, in addition to dividends, WPP revealed yesterday. It was a third of Sir Martin’s maximum entitlement after a sharp drop in the FTSE 100 company’s market value in the past two years.
WPP explored withholding some of his bonus in of a row over a €300 million takeover deal. After taking legal advice, its remuneration committee decided there was no basis to axe his bonus. The 74-year-old has repaid an undisclosed sum, thought to be below £1 million in disputed expenses.
Sir Martin left WPP