Interpublic Group and WPP have scheduled their respective annual meetings for May.
IPG’s is a virtual only affair on May 25 and WPP’s is being held in London and virtually on May 17.
IPG reports that one shareholder proposal will be considered that urges the company to adopt permanent rules requiring the separation of the CEO and chairman roles.
A similar shareholder proposal (by the same shareholder in fact) is being considered at the Omnicom annual meeting on May 27.
Like Omnicom, IPG urges shareholders to vote the proposal down. The roles are currently separate at IPG, where independent director David Thomas is also non-executive chairman, while Philippe Krakowsky is CEO. But Krakowsky’s predecessor, Michael Roth, held both titles.
“The Board believes that the best leadership structure may vary as circumstances warrant and as such its ability to maintain appropriate flexibility in determining the appropriate leadership at a given time is crucial in maximizing the Company’s success,” IPG stated in its meeting notice. Having a rule that mandates the Chairman and CEO role be kept separate would take away that flexibility, it asserted.
As to executive compensation, WPP’s Read earned total compensation last year of approximately $8.3 million, up from roughly $4.7 million in 2021 (he was paid in British pounds, Google did the conversion to dollars.)
Outgoing WPP CFO John Rogers had total comp of around $5.5 million last year, down slightly from the $5.9 million he earned in 2021. He officially relinquishes his CFO duties later this month to Joanne Wilson, who has been CFO of British beverage marketer Britvic.
At IPG CEO Krakowsky had total compensation last year of $13.2 million, versus $17. 3 million in 2021, which was a particularly good year in which he earned a $2 million bonus and nearly $1 million in option awards not granted last year.
IPG CFO Ellen Johnson pulled in total comp last year of nearly $5.7 million, up slightly from $5.4 million in 2021.