Gideon Spanier
May 4, 2020

Mark Read earned $3.3m last year and WPP reveals executive committee

Former boss Sir Martin Sorrell got £517,000 from long-term incentive.

Read: short-term bonus was 55% of maximum potential last year
Read: short-term bonus was 55% of maximum potential last year

WPP chief executive Mark Read earned almost £2.6m (US$3.3m) last year, the company's annual report showed.

His pay package included a £975,000 salary, £1.3m in short-term incentive and £71,000 in long-term incentive.

WPP’s net sales fell 1.6% in 2019 – the third year in a row of decline – but the share price rose from about 850p to more than £10 last year. The stock has slumped again this year because of the coronavirus pandemic.

Read’s short-term bonus was 55% of the maximum potential last year. The long-term incentive paid out only 15% of the maximum because WPP’s revenues and share price have tumbled over a five-year period.

Sir Martin Sorrell, who was chief executive for 32 years until April 2018, continues to receive payouts from long-term incentives and collected £517,000 worth of shares.

The annual report also revealed for the first time the composition of WPP’s 19-strong executive committee, which Read set up to improve management of the group. Under Sorrell, WPP did not have an executive committee or management board.

"The executive committee of WPP is responsible for leading the company and executing its strategy," the report said, explaining that its members lead WPP’s largest operating companies and central corporate functions.

In addition to Read, the members are:

John Rogers, chief financial officer designate, WPP
Ajaz Ahmed, chief executive, AKQA
Stephen Allan, worldwide chairman and chief executive, MediaCom
Jacqui Canney, chief people officer, WPP
Jon Cook, global chief executive, VMLY&R
Mel Edwards, global chief executive, Wunderman Thompson
Nick Emery, global chief executive, Mindshare
Laurent Ezekiel, chief marketing and growth officer, WPP
Richard Glasson, global chief executive, Hogarth
Andrea Harris, group chief counsel, WPP
Michael Houston, global chief executive, Grey
Donna Imperato, global chief executive, BCW
Toby Jenner, global chief executive, Wavemaker
Christian Juhl, global chief executive, Group M
Lindsay Pattison, chief client officer, WPP
Stephan Pretorius, chief technology officer, WPP
Andrew Scott, chief operating officer, WPP
John Seifert, outgoing global chief executive, Ogilvy

 

Source:
Campaign UK
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