Just two days after the $1.7 billion (€1.27bn, £883m) deal between Grey Global Group and WPP was signed, Grey chairman and ceo Ed Meyer has cashed in his chips.
Meyer (78) has sold "a significant" portion of stock in Sir Martin Sorrell's London-headquartered WPP. Although no one is prepared to say exactly how much he pocketed from the sale, a figure of around $200m is an educated estimate.
This is on top of the $165m in cash, plus extras, that Meyer received when the deal closed on March 7. He has the option of a seat on the WPP board after a successor is named to run the New York-headquartered Grey Worldwide ad agency later this year.
He is coy about details but confirms: "I've retained a significant interest in WPP because I think the company will do well."
WPP, which also owns Ogilvy & Mather, Young & Rubicam and JWT among others, paid for half of Grey shares in cash and half in stock.
Data sourced from Adweek (USA); additional content by WARC staff