RNS Number : 7600G
WPP PLC
13 March 2024
 

FOR IMMEDIATE RELEASE                                                           13 March 2024

 

WPP plc ("WPP")

Executive Performance Share Awards

 

On 12 March 2024, awards were made to the 2024 participants which comprise WPP's Chief Executive Officer, Chief Financial Officer, and Chief Operating Officer as set out in the table below, and other select senior executives within the Group's operating companies. 

Executive Director

Number of shares awarded

Mark Read

617,709

Joanne Wilson

312,588

Andrew Scott

306,251

 

Awards take the form of nil-cost options or conditional awards of performance shares, which are exercisable over WPP shares or ADRs and the amounts stated represent the maximum possible opportunity. 

The extent to which awards become exercisable or vest in 2027 will depend on WPP's performance over the three-year performance period from 1 January 2024 to 31 December 2026. 

Awards are subject to three equally weighted performance measures: average Return on Invested Capital (ROIC), cumulative Adjusted Free Cash Flow (AFCF), and relative Total Shareholder Return (TSR).  Achieving threshold performance will result in a vesting opportunity of 20% of the award. The vesting opportunity will increase on a sliding scale basis to 100% of the award for maximum performance. 

Notes

1)   These awards were made in accordance with the terms of the 2023 Directors' Compensation Policy as approved by shareholders on 17 May 2023

2)   To the extent that each element of a conditional award does not vest at the end of the three- year performance period it will lapse

3)   Additional shares will be awarded at vesting in lieu of dividends on the shares that vest

4)   Awards to Executive Directors are subject to an additional two-year post-vesting holding period

 

 

1.

Details of PDMR/person closely associated with them ('PCA')

a)

Name 

Mark Read

b)

Position/status

Chief Executive Officer

c)

Initial notification/
amendment

Initial notification

2.

Details of the issuer

a)

Full name of the entity

WPP plc

b)

Legal Entity Identifier code

549300LSGBXPYHXGDT93

3.

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument

Ordinary shares of 10 pence each ('Ordinary Shares')

ISIN: JE00B8KF9B49

b)

Nature of the transaction

Grant of award over WPP plc ordinary shares under the WPP plc Executive Performance Share Plan

c)

Price(s) and volume(s) (Number of WPP ordinary shares or WPP ADRs sold or purchased and price per share/ADR)

Price(s)

Volume(s)

Nil cost option

617,709





 

 

d)

Aggregated information

-     Aggregated number

-     Aggregated Price

-     Total

N/A (single transaction)

 

e)

Date of the transaction

11 March 2024

f)

Place of the transaction

London Stock Exchange (XLON)

 

 

1.

Details of PDMR/person closely associated with them ('PCA')

a)

Name 

Joanne Wilson

b)

Position/status

Chief Financial Officer

c)

Initial notification/
amendment

Initial notification

2.

Details of the issuer

a)

Full name of the entity

WPP plc

b)

Legal Entity Identifier code

549300LSGBXPYHXGDT93

3.

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument

Ordinary shares of 10 pence each ('Ordinary Shares')

ISIN: JE00B8KF9B49

b)

Nature of the transaction

Grant of award over WPP plc ordinary shares under the WPP plc Executive Performance Share Plan

c)

Price(s) and volume(s) (Number of WPP ordinary shares or WPP ADRs sold or purchased and price per share/ADR)

Price(s)

Volume(s)

Nil cost option

312,588





 

 

d)

Aggregated information

-     Aggregated number

-     Aggregated Price

-     Total

N/A (single transaction)

 

e)

Date of the transaction

11 March 2024

f)

Place of the transaction

London Stock Exchange (XLON)

 

 

1.

Details of PDMR/person closely associated with them ('PCA')

a)

Name 

Andrew Scott

b)

Position/status

Chief Operating Officer

c)

Initial notification/
amendment

Initial notification

2.

Details of the issuer

a)

Full name of the entity

WPP plc

b)

Legal Entity Identifier code

549300LSGBXPYHXGDT93

3.

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument

Ordinary shares of 10 pence each ('Ordinary Shares')

ISIN: JE00B8KF9B49

b)

Nature of the transaction

Grant of award over WPP plc ordinary shares under the WPP plc Executive Performance Share Plan

c)

Price(s) and volume(s) (Number of WPP ordinary shares or WPP ADRs sold or purchased and price per share/ADR)

Price(s)

Volume(s)

Nil cost option

306,251





 

 

d)

Aggregated information

-     Aggregated number

-     Aggregated Price

-     Total

N/A (single transaction)

 

e)

Date of the transaction

11 March 2024

f)

Place of the transaction

London Stock Exchange (XLON)

 

This notice is given in fulfilment of the obligation under Article 19 of the Market Abuse Regulation.

Balbir Kelly-Bisla

Group Company Secretary

 

Contact for further information:

Chris Wade, WPP

+44 (0)20 7282 4600

 

About WPP

WPP is the creative transformation company. We use the power of creativity to build better futures for our people, planet clients and communities. For more information, visit www.wpp.com.

 

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