June 13, 2024

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WPP cancels share awards to founder Martin Sorrell

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WPP PLC has canceled share awards to Martin Sorrel, its founder and former chief government, over the disclosure of confidential details belonging to the enterprise and certain clients to the media.

The London-centered promoting and internet marketing-products and services team reported in its annual report, revealed late Thursday, that its board’s compensation committee determined to make adjustments above share awards granted to Mr. Sorrell below conditions of its prolonged-phrase incentive approach.

“It decided that the 2016 and 2017 [executive performance share plan] awards granted to Sir Martin Sorrell, the previous Group Chief Government, will lapse as a consequence of Sir Martin Sorrell’s disclosure of private information belonging to WPP and certain of its purchasers to the media for the duration of his tenure as a WPP director,” the company said.

Mr. Sorrell reported WPP’s selection was a “petty transfer” and “nonsense.”

“It truly is a bit prosperous that they’re accusing me of leaks, provided their personal in excess of the past three several years. They’ve experienced to go again quite a few yrs to check out and uncover an excuse to deny me what is mine. I’ve remaining it to my attorneys to deal with,” Mr. Sorrell reported.

Mr. Sorrell still left WPP in April 2018 and released a rival marketing firm, S4 Funds PLC, shortly right after. He remains a WPP shareholder and has criticized the company’s performance and administration.

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