There may be no timescale set, but WPP has confirmed that it is beginning to think about who may eventually replace CEO Sir Martin Sorrell, including internal and external candidates.
Company Chairman Roberto Quarta told shareholders in the group's 2015 Annual Report that 31 years after Sorrell founded it, WPP was looking at the options for succession. 'At some point, we all leave our jobs. The question is when. Whether, in Sir Martin's case, that happens tomorrow, in one, two, three, four, or five years, or even over a longer period, we have already begun to identify internal and external candidates who should be considered'.
According to Campaign UK, Quarta said he and other independent members of the Board would 'continue to focus on this in 2016 and beyond', and already had 'a strong pool of internal and external candidates to draw from'. Major shareholders will be consulted this year about both the succession and the options for a new pay plan for 2017, the previous scheme having run its course.
Last week, the Group reported first quarter revenue of £3.076bn, up 5.1% in like-for-like terms, with its preferred measure of net sales showing a 3.2% increase. Performance in the 'Data Investment Management' division Kantar was flat.
Web site: www.wpp.com .
All articles 2006-21 written and edited by Mel Crowther and/or Nick Thomas unless otherwise stated.