WPP has filed its annual report, weeks after it disappointed the market with weaker-than-expected earnings results for 2024.
Beyond the numbers, the document offers a closer look at the ins and outs of a busy, challenging year for the U.K.-based holding company.
2024 included consolidation and restructuring across its biggest agencies (including VML and GroupM); a weak performance in China; and client losses (Pfizer and Sky Media), along with wins (Amazon and Johnson & Johnson).
ADWEEK has highlighted some of the key takeaways from the 210-page document. These include an update about Read’s pay, a diversity, equity, and inclusion (DEI) language revision, and new information on WPP’s AI strategy.
1. CEO Mark Read’s pay dropped 15% in 2024
CEO Read’s total pay package, including bonuses, was reduced to £3.8 million ($4.9 million) in 2024.
Per previous annual reports, the leader’s pay packet has shrunk significantly over the last three years in line with disappointing financial results. In its latest update, WPP reported £11.35 billion ($14.38 billion) in 2024 revenue less pass-through costs, down 1% on a like-for-like basis.
In 2022, Read received close to £6.7 million ($8.6 million) in total pay and bonuses. By the end of 2023, his pay package had fallen 33% to £4.5 million ($5.8 million).
The latest decrease marks another 15% decline year-on-year.
2. The term ‘DEI’ wasn’t mentioned
