WPP shareholders push back over founder’s exit package

The world’s biggest advertising agency, WPP𒊎, 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 al��le💖gation of personal misconduct.

Nearly 30 percent of WPP shareholders failed to back its exe🅺cutive pay proposal Wednesday, while almost 17 percent of shareholder votes declined to support the re-election of Roberto Quarta as chairman.

Sorrell was allowe♌d to leave with share awards worth millions of pounds intact and without a non-compete clause, rekindling arguments that have dogged previous annual meetings — that WPP paid Sorrell too much and did not prepare for his departure.

Neither Sorrell nor the company have revealed the nature of the complaint, but Sorrell — who has already launched a new venture — has denied any wrongdoing.

Quarta said at the beginning of the group’s annual meeting that the process the board followed in response to the allegation ag🃏ainst Sorrell was robꦕust from a governance and legal perspective.

He said share awards due in future𓆉 to Sorrell predated the current board’s involvement and that he accepted that some investors found the situation unsatisfactory.

“I know that questions remain,ꦡ but there is simply nothing fuಞrther we can legally disclose,” Quarta said.

Quarta told inves��tors that the hun👍t for a new chief executive was well advanced and moving ahead rapidly.

WPP is the world’s largest ad group, employing more than 200,000 staff in ꦓagencies inc♓luding JWT, Ogilvy & Mather and Group M.