Sir Martin Sorrell’s £20m windfall angers WPP investors
World’s biggest ad agency boss faces backlash after stepping down
Investors in the world’s biggest advertising firm, WPP, are “furious” that former boss Sir Martin Sorrell has received a £20m handshake from the company as he steps down under a cloud.
According to The Daily Telegraph, Sorrell is facing an investor “backlash”, with shareholders outraged that he will pocket up to £20m in share bonus awards over the next five years, despite an allegation of personal misconduct.
The 73-year-old said earlier this month he had decided it was “in the best interests of the business” that he quit, after 33 years in charge. The firm refused to disclose the findings of an inquiry it launched into the allegations he faced.
The New York Times previously reported that WPP’s board was investigating Sorrell – but was insisting that the allegations of financial impropriety “do not involve amounts which are material to WPP”. It was later claimed that Sorrell had quit without knowing the results of the investigation.
The Telegraph says pressure is now “expected to mount” on the firm to reveal details of Sorrell’s alleged offence to placate restless and unhappy investors.