Bob Seltzer, CEO of Ogilvy PR Worldwide, and Howard Paster,
chairman and CEO of Hill and Knowlton, are two of the executives taking
part in a WPP incentive scheme which could see 14 people sharing pounds
A circular to WPP shareholders said that the ’most senior executives’ in
WPP’s major ’operating companies’ will take part. The scheme was
unveiled earlier this week by Martin Sorrell, CEO of WPP.
Seltzer and Paster are expected to buy about dollars 710,000 (pounds
443,000) worth of WPP shares and hold them for five years. Over this
period they will be expected to significantly grow the PR operations,
contributing to WPP’s overall performance. In return they will be
rewarded with five times what they invested if WPP performs better than
a group of 15 peers.
WPP’s results for the six months ending 30 June 1999 revealed that H&K’s
revenues rose over 15 per cent and Ogilvy’s revenues shot up by over 60
per cent, partly thanks to Ogilvy’s acquisition last year of technology
agency Alexander Communictions.