WPP’s Mark Read sees pay package fall 33% to $5.6 million

WPP chief executive Mark Read's pay package fell £2.2 million ($2.8 million) to £4.5 million ($5.6 million) in 2023, according to the group's annual report.

Read was paid a base salary, as well as pension payments and benefits, totalling $1.58 million, in addition to which he received $4.1 million in short- and long-term incentives.

The figure marks a 33% fall from 2022, when Read received nearly $8.5 million in pay and bonuses (a base salary including pension payments and benefits of $1.55 million and $6.9 million in incentives). However, it marked a sizeable increase on his 2021 pay of $4.8 million.

Details of Read's remuneration are part of the group's long-form annual report, published yesterday (21 March), and come after it reported annual results in February that showed revenue growth of 0.9% in 2023, with a sustained profit margin of 14.8%. Group M, the media division, grew 4.9% while creative revenues were down 1.6%.

Read spoke to Campaign earlier this month, when he said WPP had a "very strong strategy" (which includes greater investment in tech and AI, as well as cost reductions through job cuts) and that the new business pipeline for 2024 was "significantly higher".

Other notable news in the report is that Roberto Quarta has agreed to remain as WPP chairman for longer than expected until a successor is appointed and "transitioned into the role". He will put himself up for re-election at the AGM.

Brian Wieser, an industry analyst who heads Madison & Wall consultancy, found news of Quarta's continuation noteworthy, and referenced reports in January that candidates being considered as successor have included BT Group chief executive Philip Jansen.

Wieser also noted that the long-form report included additional information on client concentration – that WPP's 10 largest clients accounted for 18.9% of revenue less pass-through costs.

He said: "Incremental regional data was included, which allows us to quantify that the United States, the company's largest market with $5.4 billion in net revenue, posted 18.4% headline operating income margins during 2023 vs 16.5% in 2022. This occurred despite an organic decline of around -3% for the year."