WPP’s chief executive Mark Read was awarded nearly £6.7m in pay and bonuses in 2022, according to the holding company’s annual report.

Read’s pay package included a base salary (including pension payments and benefits) of £1.22m, as well as £5.46m in short-term and long-term incentives.

This is a significant increase on last year, when he received £3.8m in total, consisting of £1.2m as a base salary and £2.6m in short-term and long-term incentives.

In February WPP – whose PR agencies include Hill+Knowlton, BCW and FGS Global – announced it would pay staff £424m in annual bonuses, after reporting a 22% increase in profit in 2022. The figure is lower than the record £592m bonus payout a year earlier.

In his statement for the annual report, Read said that WPP’s performance reflected the “success of our own transformation”. WPP’s return to growth follows four consecutive years of revenue decline between 2017 and 2020.

This article first appeared on Campaign.