Sir Martin Sorrell 'to get £19m in bonuses' after leaving WPP
Taken from/By: BBC
Report by: BBC
Shareholders of advertising giant WPP are expected to approve the payment of up to £19m in bonuses over the next four years to its former chief executive.
Sir Martin Sorrell resigned four weeks ago amid allegations of serious personal misconduct which he denied.
The BBC understands that around 25% of votes cast at the AGM will oppose ongoing payments to Sir Martin.
He turned a former wire shopping basket company into a $20bn ad giant.
Sir Martin Sorrell may no longer be the chief executive of advertising giant WPP, but he will be the reluctant star of the company’s AGM today – in absentia.
After more than 30 years in charge he resigned on 14 April this year after an investigation into a whistleblower’s allegations of personal misconduct.
Sir Martin has strenuously denied a recent report in the Wall Street Journal that company money was used to pay a prostitute.
Sources close to WPP claim that at some point during the investigation, lawyers appointed by the company shared information with Sir Martin’s advisers, after which Sir Martin decided to step down.
But this version and sequence of events has been rejected by sources close to Sir Martin as “completely untrue”.
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