WPP CEO Mark Read earned almost £2.6 million ($3.3 million) last year, the company’s annual report showed.
His pay package included £975,000 salary, £1.3 million in short-term incentive, and £71,000 in long-term incentives.
WPP’s net sales fell 1.6% in 2019, the third year in a row of decline, but its share price rose from about 850p to over £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.
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 the 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, CFO designate, WPP
Ajaz Ahmed, CEO of AKQA
Stephen Allan, worldwide chairman and CEO of MediaCom
Jacqui Canney, chief people officer
Jon Cook, global CEO of VMLY&R
Mel Edwards, global CEO of Wunderman Thompson
Nick Emery, global CEO of Mindshare
Laurent Ezekiel, chief marketing and growth officer, WPP
Richard Glasson, global CEO of Hogarth
Andrea Harris, group chief counsel
Michael Houston, global CEO of Grey
Donna Imperato, global CEO of BCW
Toby Jenner, global CEO of Wavemaker
Christian Juhl, global CEO of Group M
Lindsay Pattison, chief client officer, WPP
Stephan Pretorius, chief technology officer, WPP
Andrew Scott, COO, WPP
John Seifert, outgoing global CEO of Ogilvy
This story first appeared on campaignlive.co.uk.