The 17 best-paid people in advertising
It's no surprise that Martin Sorrell comes top in this particular listing. But you might be surprised by the margin...
Here are the top five:
5. Michael Roth, CEO of Interpublic Group
4. Miles Nadal, MDC Partners (former) CEO
3. Paul Richardson, WPP group finance director
Compensation: ($17,558,352) £11,219,000
2. Omnicom CEO John Wren
1. Sir Martin Sorrell, WPP CEO
Compensation: ($67,285,497) £42,978,000
To be accurate, a lot of his earnings are from stocks. And WPP did make a record profit of about £1.4bn last year.
At last month's AGM, 22% of their investors refused to endorse his remuneration. However the shareholder revolt is lower than at last year’s annual meeting, when nearly 30% of investors refused to back it. Investor problems? What problems?
This is a good moment to add that Sorrell sometimes acts as an ambassador for not only UK creative agencies but the UK creative sector as a whole. In February he said:
Official government statistics show that the creative industries were worth £76.9bn to the UK economy in 2013 – up 10 per cent on 2012. No other industry grew as fast.
The sector accounts for more than 5 per cent of all British jobs, and nearly 9 per cent of UK service exports.
It was long-overdue recognition of the important economic contribution made by sectors often dismissed as being lightweight and populated exclusively by luvvies. It also gave weight to the UK’s claim to be a world leader in the space “where culture meets commerce.”
There's increasing talk of the need for succession planning at WPP. Martin Sorrell is 70. But for now, most investors seem perfectly happy not to rock the WPP boat. Why would they care about spending £43million when it delivers on this scale?