United States

WPP shareholders push back over founder’s exit package

The world’s biggest advertising agency, WPP, faced a shareholder revolt over its handling of the departure of former CEO Martin Sorrell after large votes against the chairman and the company remuneration report. The most famous advertising executive in the world, Sorrell in April quit the marketing giant he built from scratch following an allegation of personal misconduct. Nearly 30 percent of WPP shareholders failed to back its executive pay proposal Wednesday, while almost 17 percent of shareholder votes declined to support the re-election of Roberto Quarta as chairman. Sorrell was allowed to leave with share awards worth millions of pounds intact and without a non-compete clause, rekindling arguments that have dogged previous a ...