WPP's boss Martin Sorrell has just bagged a £1.8m bonus

 
Oliver Gill
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Advertising Week Europe 2016 - Day 1
Martin Sorrell is the longest-serving FTSE 100 chief executive (Source: Getty)

The boss of WPP, the world’s largest advertising agency, was this week handed a bonus worth almost £1.8m.

Sir Martin Sorrell became entitled to 143,338 WPP shares on 6 March, according to a regulatory filing released today.

With WPP shares trading today at around £12.30 each, Sorrell is free to cash-in an award worth £1.76m.

Last week £1.5bn wiped off WPP's market value. Shares plunged after the firm posted its worst annual revenue growth since 2009. Sorrell said 2017 “was not a pretty year”.

Read more: Exclusive: WPP stalling payments as Christmas looms

His latest award relates to a short-term incentive plan for WPP’s 2015 performance. After meeting the necessary criteria in March 2016, Sorrell took half the bonus in cash with the remainder in the form of shares – which were deferred for a further two years.

Sorrell now directly holds a 1.425 per cent stake in WPP, worth £220m, today’s filings indicated. A further £55m is owned by the JMCMRJ Sorrell Foundation.

The longest-serving chief executive in the FTSE 100 saw his annual pay fall in 2016 to £48.1m. In 2015 he was paid £70.4m.

Read more: "Not a pretty year": £1.5bn wiped off WPP shares

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