Difference between revisions of "Martin Sorrell"

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 Before founding WPP, Martin Sorrell led the international expansion of famed UK advertising agency [[Saatchi & Saatchi]] from 1977 until 1984. He is a graduate of [[Cambridge University]] and has an MBA from [[Harvard University]]. He was knighted in the Millennium New Year Honours list.
-Sorrell was in 2005 forced to sell of shares in WPP to pay a tax bill, due to an [[Inland Revenue]] clampdown on executive tax avoidance arrangements. He also agreed to change a contract with the company which had been much criticized by institutional shareholders in WPP as being unfairly written in Sorrell's favor. Under the previous agreement if Sorrell had been terminated, it would have led to a very large payout; the new agreement provides him instead with one year's pay. Shareholders have criticized many aspects of corporate governance at WPP.
+In 2005 Sorrell was forced to sell £9m of shares in WPP to pay a tax bill, due to an [[Inland Revenue]] clampdown on executive tax avoidance arrangements. He also agreed to change a contract with the company which had been much criticized by institutional shareholders in WPP as being unfairly written in Sorrell's favor. Under the previous agreement if Sorrell had been terminated, it would have led to a very large payout; the new agreement provides him instead with one year's pay. Shareholders have criticized many aspects of corporate governance at WPP.
 Sharon Beder and Richard Gosden write:

Revision as of 07:01, 9 May 2006