Martin Sorrell, chief executive officer of WPP ( WPP ), the world's largest advertising company, is facing a huge cut in his pay package following investor criticism and a dismal year, Bloomberg reported on Tuesday, citing an unidentified source.
The 73-year-old chief will get a long-term bonus of less than 15 million pounds ($21 million), compared with 41.6 million pounds last year, Bloomberg said, citing the source.
London-based WPP has lost almost a fifth of its market value over the past 12 months, with advertising industry headwinds. Major clients like Unilever and Procter & Gamble have been cutting marketing costs under pressure from activist investors, while companies disrupted by new technologies have been shaving their advertising budgets, according to the report.
American Depositary Shares were trading 2.3% lower at $81.15, at 3:22 pm ET in New York on Tuesday.
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