WPP refuses to pay final long term bonuses to ex-CEO
WPP has revealed in its annual report that it will not pay out two final long term bonus payments to its former CEO Martin Sorrel who exited the company in 2018.
The company said it withheld the payments because of disclosure of confidential information during his time as CEO. The WPP long term incentive plan, known as EPSP, paid bonuses in the form of share awards after five years. Sorrell was due two final payments, covering 2016 and 2017.
The bonuses could have paid out million in pounds in shares if the company had not suffered four years of revenue decline between 2016 and 2020.