Martin Sorrell, head of world’s biggest ad group WPP, quits after misconduct allegations
The departure of the CEO who built a two-man outfit into one of Britain’s biggest companies with 200,000 staff in 112 countries leaves WPP without a boss at a pivotal time
Martin Sorrell has quit as chief executive of WPP, the world’s biggest advertising agency, following allegations of personal misconduct through the misuse of company assets.
Sorrell, who founded the British ad giant and has been at the helm for the past 33 years, stepped down less than two weeks after the group launched an independent investigation into the allegations.
WPP said the probe had concluded, adding that “the allegation did not involve amounts that are material”.
Sorrell, 73, said in a statement Saturday that he was sad to leave, with WPP having been his passion and focus for more than three decades.
“As I look ahead, I see that the current disruption is simply putting too much unnecessary pressure on the business, our over 200,000 people and their 500,000 or so dependents, and the clients we serve in 112 countries,” he said.
“That is why I have decided that in your interest, in the interest of our clients, in the interest of all share owners, both big and small, and in the interest of all our other stakeholders, it is best for me to step aside.”