WPP"s Sorrell defends £70m pay package

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Reuters

Advertising giant WPP’s chief executive Sir Martin Sorrell has defended his pay package of up to £70m.

Sir Martin – who has previously faced shareholder revolts over his high pay – said he was not embarrassed by the success of the company he founded.

He said his salary was based on the performance of WPP, the world’s largest advertising conglomerate.

His comments came as WPP reported £3.1bn in quarterly revenues, up 5.1% from a year earlier.

Sir Martin told the BBC’s Today programme that comparisons to Sir Philip Green, currently under fire for his pay when he was owner of BHS, were “specious”.

The firm Sir Martin founded 31 years ago currently employs 190,000 people in 112 countries.

The company has grown dramatically in recent years, and brought in $1.8bn worth of revenue from new advertising customers in the first three months of this year.

Growth has been particularly pronounced in the US, UK and Western Europe, WPP said.

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WPP"s Sorrell defends £70m pay package
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