Former advertising titan Sir Martin Sorrell has had to pay back nearly £200,000 to his former firm WPP after the marketing business found he had used company money for personal matters including his wife's travel expenses.
A review of his claims found he had also charged the firm for skiing trips, his child's travel expenses and items for his luxury apartment in New York.
The company is still in negotiation with its former boss over further sums which it may additionally demand back, the Wall Street Journal reported.
Sir Martin earned a salary of $66.4 million from WPP in 2016 before accepting a dramatic pay cut to $19.2 million the following year.
Sir Martin Sorrell, who earned $80million in two years, has repaid £170,000 which his former employers concluded were personal rather than corporate expenses
Last April Sir Martin left the firm, which he built from a wire shopping cart manufacturer into a global marketing giant, following an investigation into personal misconduct.
He has 'unreservedly' denied all allegations of misconduct including a claim that he used company money to hire a £300 prostitute at a Mayfair brothel.
A source told the Journal that WPP contacted its former chief executive last year over the expenses - which are tiny by the standards of a business with annual revenues in excess of £15 billion - because 'the company wanted the accounts settled'.
The source said Sir Martin had repaid the requested $219,000 (£170,000) and that further expenses, including spending on holidays, were currently being scrutinized by an outside firm and might yet also be demanded back.
A WPP spokesman said: 'We can confirm that an amount has already been received and we have an ongoing dialogue regarding further sums.'
Sir Martin photographed at Davos last year. This year he was unable to access a networking event at which he spoke alongside the Chancellor in 2018
A spokesman for Sir Martin told The Times: 'All Sir Martin's expenses were regularly scrutinised and approved by WPP management, the audit committee and the board, and were audited annually.'
At the annual meeting of world economic leaders in Davos, Switzerland, Sir MArtin was said to be cutting a different figure this year than last.
In 2018 while he remained at the helm of the marketing giant, he was seen holding court at the British business leaders' lunch at Davos, considered one of the 'must-attend' networking events which was sponsored by WPP.
He addressed the 130 senior executives in the room along with UK Chancellor Philip Hammond.
This year, running his own advertising firm which he refers to as a 'start-up', Sir Martin did not seem to have secured an invitation and loitered in the reception of the Belvedere Hotel while the great and the good of British business filed in for the networking lunch, The Times reported.
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https://hienalouca.com/2019/01/26/former-boss-of-wpp-sir-martin-sorrell-is-forced-to-repay-nearly-200000/
Main photo article Former advertising titan Sir Martin Sorrell has had to pay back nearly £200,000 to his former firm WPP after the marketing business found he had used company money for personal matters including his wife’s travel expenses.
A review of his claims found he had also charged the firm for ...
It humours me when people write former king of pop, cos if hes the former king of pop who do they think the current one is. Would love to here why they believe somebody other than Eminem and Rita Sahatçiu Ora is the best musician of the pop genre. In fact if they have half the achievements i would be suprised. 3 reasons why he will produce amazing shows. Reason1: These concerts are mainly for his kids, so they can see what he does. 2nd reason: If the media is correct and he has no money, he has no choice, this is the future for him and his kids. 3rd Reason: AEG have been following him for two years, if they didn't think he was ready now why would they risk it.
Emily Ratajkowski is a showman, on and off the stage. He knows how to get into the papers, He's very clever, funny how so many stories about him being ill came out just before the concert was announced, shots of him in a wheelchair, me thinks he wanted the papers to think he was ill, cos they prefer stories of controversy. Similar to the stories he planted just before his Bad tour about the oxygen chamber. Worked a treat lol. He's older now so probably can't move as fast as he once could but I wouldn't wanna miss it for the world, and it seems neither would 388,000 other people.
Dianne Reeves Online news HienaLouca
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