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”.
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.