Ad tycoon gets “gigantic” pay packet
Sir Martin Sorrell, Britain’s best paid CEO, earned a whopping £65m last year.
The boss of advertising firm WPP received a £62m bonus on top of his £1.15m salary and other benefits.
In fact, Sorrell might have even earned even more but his wife’s travel bill, which was £274,000 in 2014, has been deducted from his salary rather than being paid by WPP, as used to be the case.
The advertising company, which boasts Coca-Cola, Ford, HSBC and Vodafone among its clients, more than doubled its value from £9.98bn to £20.23bn in the period Sorrell’s bonus covers.
It’s clearly great news for Sorrell, however, the giant paycheque is likely to demoralise his workers.
Stefan Stern, director of the High Pay Centre, said: “He clearly is a remarkable business leader, the company has done terrifically well.
“But the number is so big it takes him out of sight of the rest of the workforce, which is problematic.
“It doesn’t have to be this vast. It’s an extraordinary number and there’s a problem if you keep pushing acceptability higher, these gigantic rewards higher. It’s a problem, and raises the question – is it an incentive to the rest of the workforce?
“Workers can find it demotivating when they see massive awards at the top when in some circumstances they might be being told that their employers can’t afford pay rises. Part of the leadership role is to set a good example and to exercise restraint.”