Sorrell's contract under investor fire

By Published on .

Most Popular
[London]WPP Group Chief Executive Martin Sorrell's generous three-year employment contract is likely to come under further scrutiny after shareholders controlling 47% of the company's stock either abstained or voted against his pay deal at the company's annual meeting last week. WPP also said last week that the company wouldn't revise its $447 million offer for Cordiant Communications Group. U.K. investment company Active Value, which has steadily increased its stake in Cordiant to 27%, is widely believed to be seeking a better deal from WPP, whose current offer would give Cordiant shareholders just $16 million, in WPP stock.