By Ed Ballard
LONDON-- Martin Sorrell, the chief executive of U.K. advertising
group WPP PLC, stands to receive shares worth GBP36 million ($53
million) as part his pay package this year, nearly 60% more than he
received the previous year.
The amount, which comes in addition to Mr. Sorrell's salary, is
the maximum possible in the final year of an executive pay plan
that ran from 2010 to 2014.
WPP said the plan is linked to growth in the company's market
capitalization and shareholder returns. Last year, Mr. Sorrell
received a share award worth GBP22.7 million as part of an overall
pay package of worth GBP29.8 million.
The amount of Mr. Sorrell's compensation, which makes him one of
the best paid executives in the U.K., has previously riled
shareholders and the U.K. public.
Mr. Sorrell, who has turned WPP into one of the world's biggest
advertising companies over the past 30 years, has publicly defended
his pay as a reward for the company's performance.
In 2012, a majority of WPP shareholders voted against his
increase in his pay for 2011, but last year just 28% of
shareholders voted against or abstained. The votes on pay were
nonbinding.
WPP shares fell nearly 3% in 2014 but are up 16% so far this
year.
Write to Ed Ballard at ed.ballard@wsj.com
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