Revolt over Sorrell's three-year deal
WPP chief facing themusic as the fat-cat protests grow
SIR Martin Sorrell, chief executive of advertising giant WPP, was facing a revolt today over his three-year contract and a potential £100m payout from incentive schemes.
He told shareholders at the annual meeting that worldwide revenues in the first five months of this year were down by 3% as the pound strengthened against the dollar and yen.
But he added that there were signs of stabilisation in the advertising and marketing industry, particularly in the US. Sorrell said: 'The prospects for 2004, when the so-called quadrennial factors operate, do give cause for a little more medium-term optimism.'
The Association of British Insurers advised its members to abstain on the vote over WPP's boardroom pay scheme.
Sorrell's shares and performance-related incentive options were worth £100m at last year's 811p high. That has now dropped to about £65m, given the falls in the group's market value.
