WPP last week announced that amid the COVID-19 pandemic, the executive committee and board committed to take a 20% reduction in their salaries or fees for an initial period of three months.
According to WPP, the measures to contain costs are freezing new hires; reviewing freelance expenditure; stopping discretionary costs, including travel and hotels and the costs of award shows; and postponing planned salary increases by 2020.
WPP expects to generate a total in-year savings of 2020 of £700 to £800 million. WPP says the review of review of the costs was done to protect profitability, from a decline in revenue.