Monday, May 14, 2018

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Roberto Quarta should be ousted for handling of chief executive’s exit, says Glass Lewis

The WPP chairman, Roberto Quarta, faces a shareholder revolt over the departure of the former chief executive Sir Martin Sorrell, after influential advisory group Glass Lewis recommended that investors vote against his re-election at the advertising giant’s annual meeting next month.

In a report to investors, Glass Lewis said it had “severe reservations” about issues including the failure to publish the outcome of the investigation into personal misconduct that prompted Sorrell to resign – therefore classifying him as a “good leaver” keeping up to £20m in future share payouts intact – and poor succession planning.

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