Anti-Brexiter Martin Sorrell could be set for ‘£20 million winddfall’ after leaving WPP
Over the next five years Martin Sorrell will pocket around £20 million after stepping down from WPP, according to various reports.
The departure of Sorrell, who resigned on Saturday before learning the findings of an internal investigation into alleged personal misconduct, is also being viewed as a potential catalyst for a breakup of WPP.
The world’s largest advertising group said its founder and chief executive would be treated as having retired from the company. This means Sorrell will be eligible to receive payouts related to 1.6m shares in a number of award plans that will vest over the next five years. The exact value depends on the company’s performance. At WPP’s current share price of £12 the awards are worth about £19m.
“To everyone at WPP
For the past 33 years, I have spent every single day thinking about the future of WPP.
Over those decades, our family has grown and prospered.
We welcomed J Walter Thompson, Ogilvy, Young & Rubicam, Grey, 24/7 Real Media, Taylor Nelson Sofres, among so many others.
We created Group M, including Xaxis and Essence.
We put the focus on Asia-Pacific, Latin America, Africa and the Middle East and Central Eastern Europe, the home of the next billion consumers. We embarked on the early development of digital capabilities; and the evolution of a firm-wide integrated client and country-centered approach.
Our holding company was recognised as the world’s best and most effective through the Cannes Lions and Effie Awards year after year after year.
We pioneered Atticus Awards for original written thinking…. the WPP Fellowship Awards to recognise promising talent…. the Partnership and Practice Awards for client endorsed integrated market and case studies.
Our Stream digital conferences have attracted the best in the digital business for more than a decade.
Our Annual Sustainability and Pro Bono Reports highlight the unique social, environmental and public policy work that we do day in, day out across the globe.
As I look ahead, I see that the current disruption we are experiencing is simply putting too much unnecessary pressure on the business, our over 200,000 people and their 500,000 or so dependents, and the clients we serve in 112 countries.
That is why I have decided that in your interest, in the interest of our clients, in the interest of all shareowners, both big and small, and in the interest of all our other stakeholders, it is best for me to step aside.
We have had a succession plan in place for some time. A new generation of management, led by Mark Read and Andrew Scott (who have each been at WPP for approximately 20 years), are well qualified and experienced in the Board’s opinion, to deal with the geographic and technological opportunities and challenges our industry faces.
We have weathered difficult storms in the past. And our highly talented people have always won through, always.
Nobody, either direct competitors or newly-minted ones can beat the WPP team, as long as you work closely together, whether by client and/or country or digitally.
In the coming period, I will be available to the Board and any of you, should you want help with anything, anywhere. I shall miss all of you greatly. You have given me such excitement and energy and I wanted to thank you for everything you have done and will do for WPP and me.
Read more at https://www.campaignlive.co.uk/article/sorrells-full-resignation-message-wpp-godspeed-you/1462147#04s12QGg1oKJ1w22.99