29th Apr 2021 21:07
(Alliance News) - WPP PLC on Thursday said it will allow the 2016 and 2017 Executive Performance Share Plan awards granted to its former chief executive officer Martin Sorrell to lapse, on the grounds of his "disclosure of confidential information" during his tenor.
The FTSE 100 advertising firm said in its annual report for 2020 that Sorrell had disclosed confidential information belonging to WPP and some of its clients to the media during his stay as CEO.
Sorrell had founded WPP in 1985 and resigned in April 2018 "in the best interests of the business" following the conclusion of an investigation into "an allegation of misconduct".
In May 2018, Sorrell went on to found AIM-listed digital marketing firm S4 Capital PLC, conducted through cash shell Derriston Capital PLC acquiring his investment vehicle, known then as S4 Capital Ltd.
In response to the move, Sorrell told Reuters on Thursday that the refusal to pay the share award was petty.
"It's a bit rich that they're accusing me of leaks, given their own over the last three years," he said. "They've had to go back several years to try and find an excuse to deny me what's mine. I've left it to my lawyers to deal with."
https://www.reuters.com/article/wpp-pay-sorrell/update-1-wpp-refuses-to-pay-sorrells-share-awards-over-alleged-leaks-idUSL8N2MM8TU
Shares in WPP closed 0.8% lower at 984.00 pence on Thursday in London, while S4 Capital shares ended 1.1% higher at 566.00p.
By Dayo Laniyan; [email protected]
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