Mark Read will be taking over the role of CEO of WPP with immediate effect. Photo: Facebook

DURBAN - Mark Read who has been appointed the new chief executive of WPP will be paid an annual salary of £975 000 (R18.6 million).

According to a media statement, Read will be paid in accordance with the compensation policy approved by shareowners on June 7, 2017, as set out in the 2016 Annual Report. 

Read has also been appointed as an executive director to the WPP Board and will be filling both positions with immediate effect. 

Along with the annual salary Read will get an annual bonus of up to 250 percent of salary with mandatory deferral of at least 40 percent of bonus into shares deferred for a two-year period. 

Also included in remuneration is the LTIP award of 350 percent of salary and performance will be measured over a five-year using measures in line with our compensation policy. 

A cash allowance of 20 percent of salary, less employers' national insurance in lieu of pension and a benefits allowance of £35 000 to cover health, risk and other benefits is also a part of the remuneration. 

Roberto Quarta the WPP chariperson said "The board carried out a rigorous selection process, assessing internal and external candidates. That process, alongside Mark’s wise and effective stewardship of the business in the last few months, left us with no doubt that he is the right leader for this company, and we are delighted to announce the board’s unanimous decision to appoint him as chief executive of WPP." 

Quarta will return to his role as non-executive chairperson on the appointment of Read as chief executive Andrew Scott will continue to be the chief operations officer of WPP on a permanent basis as a key member of the senior management. 

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- BUSINESS REPORT ONLINE