Sir Martin Sorrell has sold about £785,000 worth of shares in the marketing services company WPP, owner of ad agencies including Ogilvy and JWT, to fund tax payments.

Sorrell, the chief executive who presided over the reporting of WPP's annual results for a "brutal" 2009 on Friday, sold 122,536 shares in the company yesterday.

WPP's share price closed at 641p yesterday, meaning the sale probably made Sorrell about £785,000.

On Saturday, Sorrell became entitled to receive 160,433 shares, worth just over £1.02m at WPP's current share price, as part of the firm's executive share awards scheme.

Yesterday he became entitled to another 562,245 shares, worth more than £3.6m at WPP's current share price, under the leadership equity acquisition plan. However, Sorrell deferred receipt of these shares and has until 30 November 2012 to receive them.

As of today, Sorrell and his "family interests" control or have rights in 17m shares in WPP, which represents a 1.356% holding in the company.

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