By Leah Waxler
WPP chief executive Sir Martin Sorrell is set to make 20m from shares over the next five years despite an internal investigation into claims of personal misconduct.
Sir Martin ran the world’s largest advertising agency for 33 years, becoming the highest paid boss of a FTSE 100 company, prior to resigning.
His 2015/16 earnings of £70m was the biggest in UK corporate history.
Whilst he will not receive a payoff or pension under contractual terms, he is entitled to share bonus awards.
Sir Martin and his family own around 2% of the company worth about £300m.
Sunday Times ‘Rich List ‘ valued Sir Martin’s wealth at £495m last year.
The 73-year-old built a £20bn global business from scratch before stepping down in the “best interests of the business” following an inquiry into alleged misuse of WPP money, which he unreservedly denied.
Sir Martin, who accepted claims had to be investigated, was the longest serving chief executive of a FTSE 100 firm.
Earlier this month WPP appointed a law firm to investigate financial misconduct claims.
They released a statement Saturday night.
“The previously announced investigation into an allegation of misconduct against Sir Martin has concluded. The allegation did not involve amounts that are material.”
Analysts believe WPP comprising 400 companies including Ogilvy & Mather, Kantar Group and Hogarth Worldwide will now be broken up.
Sir Martin, knighted by the Queen in 2000, set up WPP in 1985.
The marketing services group has 3,000 offices in 112 countries.
Born in London, Sir Martin, read economics at Christ’s College, Cambridge University.