Ed Meyer, chairman and chief executive of Grey Global, could be in a for a $34 million cash payout if he succeeds in selling the advertising group for $1.3 billion.
According to a report in
The Times today, Meyer, 76, who has been Grey’s chief executive since 1970 is also thought to be entitled to a pension worth $48 million, plus perks. In addition he has a controlling shareholding in Grey worth an estimated $250 million.
Rivals WPP, Havas and Publicis have all been linked with take-over bids but Publicis confirmed it was unlikely to make an offer for the company, while Havas chairman said that he was interested in buying Grey and had secured financial backing (see Havas Chairman Confirms Interest In Bidding For Grey). Sir Martin Sorrell, chairman of WPP has not yet decided whether he will submit a bid as he is waiting on the year’s final accounts being available.
If Meyer’s losses his job, the termination deal would also include a $100,000 a year in expenses for its first five years, plus perks such as a staffed office, a car and a driver.
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