{ "media_type": "text", "post_content": "From Mark Read’s email update on Covid:\n\n“the WPP Board and the 19 members of our Executive Committee will each voluntarily take a 20% cut in their salary, initially for the next 3 months” (cont)", "post_id": "5e8345c3387269001df712b3", "reply_count": 12, "vote_count": 5, "bowl_id": "5565cfca8b2b9a03009acf57", "bowl_name": "Advertising" }

From Mark Read’s email update on Covid: “the WPP Board and the 19 members of our Executive Committee will each voluntarily take a 20% cut in their salary, initially for the next 3 months” (cont)

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At least they haven’t passed those paycuts onto employees yet. My agency announced agency wide paycuts in addition to everything else listed yesterday.

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“we are putting in place a number of cost-saving initiatives. Your leadership team will share more details with you in the coming days, but in summary: - We have identified savings from planned expenditure on property and IT. - We are stopping discretionary costs including travel, hotels and spending on awards shows. - We are reviewing our spending on freelancers. - We are freezing all recruitment until we have more visibility on the economic outlook. - We are postponing salary increases on the same basis.”

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Whatever it takes to avoid layoffs...

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Nice PR. 🙄 20% of say $300K or more is nothing. Also, the C-suite makes more money in bonuses than they do salary. You don’t see them forfeiting bonuses do you?

likesmart

CD1 lapdog is not a good look.

likefunny

You forgot the part where they are discontinuing stock buyback and no longer issuing a dividend. The situation seems dire.

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