WPP’s executive committee and board to take a 20% reduction in salaries for 3 months

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.

WPP
WPP

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.

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