Martin Sorrell's pay leaps 44%

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Sir Martin Sorrell: the chief executive officer of WPP.
Sir Martin Sorrell: the chief executive officer of WPP.

WPP's boss earned $66 million last year

WPP's chief executive Sir Martin Sorrell was paid £43 million ($66 million) last year, a 43.9% increase over 2013.

The sum, which was confirmed in the WPP annual report published today, means he remains the most highly paid chief executive in the FTSE 100.

Most of the increase came from a rise in his long-term share incentives, which grew from £22.7 million ($34.9 million) in 2013 to £36 million ($55.4 million) in 2014.

The £36 million ($55.4 million) bonus came from WPP’s discontinued Leadership Equity Acquisition Plan (Leap), which is tied to the company’s performance.

Sorrell’s base salary of £1.77 million ($2.72 million) did not increase from 2013, and the money he got from short-term share incentives decreased by 12.2% to £3.6 million ($5.54 million) in 2015.

The Leap payout also boosted the pay of the group finance director, Paul Richardson, and Mark Read, the global chief executive of Wunderman and chief executive of WPP Digital.

Richardson’s total pay rose from £9.2 million ($14.16 million) in 2013 to £11.2 million ($17.23 million) in 2014, a rise of 22.2% year on year.

Read took home £3.4 million ($14.15 million) last year, a 14.6% increase from his pay in 2013.

This article first appeared on campaignlive.co.uk.