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WPP's Martin Sorrell, CEO of the world's largest advertising company, faces a huge cut in his pay package.

Sorrell will receive a long-term bonus of 10 million pounds ($14 million) compared with 41.6 million pounds a year earlier, the company said in a filing on Wednesday.

The pay cut is mostly due to the phasing out of the company's notoriously generous long-term incentive plan, the Leadership Equity Acquisition Plan, which rewarded the 73-year-old chief handsomely. This year is the first year of a new, less lucrative long-term incentive program called the Executive Performance Share Plan. But it also follows investor criticism and a dismal year.

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