Sorrell’s pay to be slashed

SIR Martin Sorrell will take a 98pc pay cut at his new advertising venture.

The former WPP boss will be able to earn a maximum of around £250,000 per year at S4 Capital, documents show.

It compares to £13.9m handed to the 73-year-old in his old job last year, and is less than 1pc of the £70m he was paid in 2015. The pay figures emerged as the ad tycoon spelled out details of S4 Capital to investors.

S4 will be reversed into London-listed shell Derriston Capital with Sorrell as executive chairman.