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WPP Seeks to Curb CEO Sorrell's Pay to Appease Shareholders

  • Sorrell has faced criticism for his remuneration packages
  • Ad giant’s chief has been among U.K.’s best-paid executives
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WPP Plc reduced the value of Martin Sorrell’s nominal pay package by about 22 percent to a maximum of 15 million pounds ($19 million), seeking to calm shareholders who have criticized the chief executive officer’s remuneration as excessive for years.

The figures, which include salary, bonus, stock grants and pension, don’t reflect share-price appreciation over the program’s multiyear term, which has driven up the value of 72-year-old Sorrell’s pay in the past. For 2016, the last year Sorrell collected significant compensation from a previous five-year long-term incentive plan, the CEO’s pay totaled 48.1 million pounds, down from 70.4 million pounds for 2015.