Marketing services group WPP has revealed plans for a radical boardroom shake-up that will see the appointment of four new non-executive directors amidst continuing shareholder acrimony over executive pay.
Overseen by chairman Philip Lader the reshuffle would see Jacques Airgrain, chairman of markets clearing house LCH and Hugo Shong, a Chinese venture capitalist, take their place alongside two other as yet unnamed individuals.
Other changes will see Jeffrey Rosen, chair of WPP’s remuneration committee stand down at the end of the year, although he will remain as non-executive director.
This changing of the decks marks an attempt to see off another shareholder revolt on executive pay, following a rebellion of 60% of shareholders last year who opposed a £13m pay package for its chief executive, Sir Martin Sorrell.
WPP’s annual report, due for publication today, is expected to detail a £100k reduction in Sorrell’s basic pay to £1.2m.