LONDON, March 10 (Reuters) - Several leading investors in WPP, the world’s biggest advertising group, are prepared to push for the exit of CEO Martin Sorrell if they do not get their way over cuts to his pay package, The Sunday Times reported.
The newspaper does not name any shareholders but cites one “large investor” as saying: “If there’s another rebellion this summer, it would be a clear signal that shareholders are looking at life beyond Sorrell.”
WPP’s board has been in talks with investors over a planned reduction in Sorrell’s package, the paper said, adding that proposed cuts were not deep enough to allay concerns over excessive executive rewards.
Almost 60 percent of WPP’s shareholders voted against the company’s remuneration report last year.
WPP was not immediately available for comment.