WPP boss sees pay package soar 70% after advertising group's pre-tax profits rose 28% to �851m last year
Sir Martin Sorrell saw his total remuneration package soar by more than 70% last year, to more than �4.5m, thanks to an almost �2m bonus payout after a strong recovery from the downturn by WPP.
Sorrell's pay packet ? which fell from �3.5m in 2008 to �2.7m in 2009 as his usual �1m-plus bonus was slashed in the recession ? spectacularly bounced back as WPP reported a 28% increase in pre-tax profits to �851m in 2010.
The performance netted Sorrell a bonus payout of �1.9m ? almost five times the �406,000 he received in 2009 ? although it seems he still has room for improvement.
The maximum bonus Sorrell could have been awarded was �2m ? 200% of his base salary of just over �1m ? yet the remuneration committee decided he should receive a bonus of 190%.
He was deemed to achieved the maximum criteria on financial performance, 170% on meeting strategic objectives and maximum on business ? which includes sub-criteria such as improving creative reputation and developing digital strategy.
Sorrell's remuneration was also boosted by a significant upping in the value of shares, under the executive share awards scheme, which soared from �546,000 in 2009 to �950,000 last year.
His base salary remained a shade over �1m and benefit payments also stayed almost the same year on year at �374,000. Pension payments totalling �400,000 also remained almost on par year on year.
Overall remuneration costs at WPP were �7.88m last year, compared to �4.9m in 2009.
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Source: http://www.guardian.co.uk/media/2011/apr/28/martin-sorrell-wpp
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