WPP’s Sorrell Took 60% Pay Cut in 2001

23 May 2002

WPP Group chief executive Sir Martin Sorrell waived his bonus entitlement last year in acknowledgement of the worst advertising recession since the eighties.

Nonetheless, the noble knight kept his distance from the breadline, according to WPP’s annual report. Even sans bonus, Sorrell’s salary and other benefits totalled £873,000 ($1.3 million; €1.4 million).

The bonus sacrifice, said a WPP spokesperson, was made by Sir Martin “because he felt that it was right to do so; because the company didn’t achieve its short-term targets.”

UK ad industry bible Campaign named Sorrell as Britain's highest earning advertising executive in 2001, leading the field by several lengths.

Data sourced from: The Wall Street Journal Online; additional content by WARC staff