Sir Martin said: 'I don't like the word pay, it is reward for performance with risk attached.'
He was already one of Britain’s best paid chieftans after pocketing £43m last year
Despite WPP's strong performance Sir Martin Sorrel said investors should be cautious about the economic outlook
Ivan Menezes celebrated his success landing the job as boss of the world's biggest drinks company, Diageo, with a glass of Johnnie Walker Blue Label whisky on the flight from London to New York. The promotion of the chief operating officer and company insider didn't scare the horses in the City as the shares barely twitched. But as he sipped the £130 liquor on the plane Mr Menezes might well have pondered the shoes he will have to fill when Paul Walsh, the FTSE 100's third longest-serving boss, departs.
When WPP's Sir Martin Sorrell pronounces on the state of the advertising industry – or, increasingly, industry in general – important people listen. So when he told the world last week that the current recession is going to be L-shaped (that's severe and prolonged) important people agreed. L-shaped it will be, then.
Does this 'inside story' of advertising from one of its gurus wash whiter? Stephen Bayley hears the pitch