Money WPP CEO Martin Sorrell resigns in the wake of misconduct allegations

23:57  15 april  2018
23:57  15 april  2018 Source:   Business Insider

Sorrell quits WPP in 'interests of company'

  Sorrell quits WPP in 'interests of company' The chief executive of WPP, the world's biggest advertising agency, has confirmed he is resigning from his post. Sir Martin Sorrell, who has been with the company for 32 years, is quitting following allegations of personal misconduct through the misuse of company assets, as revealed by Sky News on Saturday.In a statement released on Saturday, the 73-year-old told staff he was stepping aside following an internal investigation by the company."As I look ahead, I see that the current disruption we are experiencing is simply putting too much unnecessary pressure on the business," he said.

WPP CEO Martin Sorrell resigned from the advertising company on Saturday. The move follows an investigation into allegations of improper behavior and misuse of assets. Sorrell has denied the allegations

AJ Bell argues that WPP (LON: WPP ) faces a succession issue regardless of the outcome of an investigation into chief executive Martin Sorrell over alleged personal misconduct , Citywire reports.

martin sorrell © Provided by Business Insider martin sorrell WPP CEO Sir Martin Sorrell announced Saturday he was stepping down from the advertising company in the wake of an investigation into allegations of improper behavior and misuse of assets.

He said in a letter to staff that the "current disruption" was "putting too much unnecessary pressure on the business," Reuters reported.

"In your interest, in the interest of our clients, in the interest of all shareowners, both big and small, and in the interest of all our other stakeholders, it is best for me to step aside," he said.

Chief executive officer of WPP Sir Martin Sorrell © Getty Chief executive officer of WPP Sir Martin Sorrell Sorrell has previously denied the allegations to Business Insider but said he recognized the need for WPP to launch an investigation.

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WPP investigates CEO Sorrell for alleged misconduct , which he denies. WPP (LSE: WPP .L - News) is investigating an allegation of misconduct against Martin Sorrell , who has built the world's biggest advertising empire over more than three decades of relentless expansion.

The world's best known advertising executive Sir Martin Sorrell is facing an investigation into an allegation of "personal misconduct ". WPP saw another CEO departure as Tania Kullmann resigned from Kantar. Just one month later, in March, the holding group saw yet another CEO depart

Sorrell was one of the more recognizable and outspoken figures in the advertising business, and recently garnered attention for taking a massive pay cut as WPP faces its worst growth prospects in roughly a decade. Sorrell led the British-based company for more than 30 years.

The traditional ad agency has been under tremendous pressure as the power in the industry has shifted to technology giants like Facebook and Google.

Meanwhile, the ad-agency sector as a whole has been accused of being less than supportive of women in leadership. For example, the Vice-owned creative agency Carrot is said to have fostered what many described as a hostile work environment for women.

Mike Shields and Tanya Dua contributed reporting.

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