Money Sorrell quits WPP in 'interests of company'

23:56  15 april  2018
23:56  15 april  2018 Source:   news.sky.com

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WPP . Sir Martin Sorrell has no plans to quit despite just turning 70. Sorrell turned 70 earlier this year and the WPP board is understood to have told investors that it may split his role in two after his departure, given the size of the company and the scale of its operations.

Chief executive Sir Martin Sorrell ran WPP for 33 years, becoming the highest paid boss of a FTSE 100 company . He said WPP had been a passion but it was in "the best interests of the business" for him to resign.

Chief Executive of WPP Group, Sir Martin Sorrell, addressing business leaders in 2010 © Getty Chief Executive of WPP Group, Sir Martin Sorrell, addressing business leaders in 2010

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.

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File photo of Martin Sorrell , chairman and chief executive officer of advertising company WPP . Martin Sorrell , who built WPP into the world’s biggest advertising agency through 33 years of dealmaking, quit on However, I believe it is in the best interests of the business if I step down now.”

WPP ( WPP ) said that “the allegations do not involve amounts which are material to WPP .” It gave no further details. The Wall Street Journal reported on Tuesday that the board is investigating whether Sorrell “misused company assets.”

"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.

"As a founder, I can say that WPP is not just a matter of life or death, it was, is and will be more important than that. Good fortune and Godspeed to all of you … now Back to the Future."

In a statement, WPP said: "The previously announced investigation into an allegation of misconduct against Sir Martin has concluded. The allegation did not involve amounts that are material."

Sir Martin, who acquired the small Kent-based firm in 1985 and turned it into the world's largest marketing services group, will be treated as having retired, the company confirmed.

WPP CEO Martin Sorrell resigns in the wake of misconduct allegations

  WPP CEO Martin Sorrell resigns in the wake of misconduct allegations Oli Scarff/Getty Images 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.He said in a letter to staff that the "current disruption" was "putting too much unnecessary pressure on the business," Reuters reported.

Sorrell has “no hinterland”, says an executive at one WPP company . “Martin is the best CEO in this industry and the best person to serve our shareholders’ interests at this time, but I emphasise ‘at this time’,” says Philip Lader, WPP ’s outgoing chairman.

Phil Lader will tell investors at the company ’s annual meeting on Wednesday 12 June 2013 that he plans to quit by Christmas 2014 after rounds of peace talks to assuage shareholders before drawing up a new bonus plan to reduce the rewards for Sir Martin Sorrell , WPP ’s veteran chief executive.

Chairman Roberto Quarta will become executive chairman until a new chief executive has been appointed.

Sir Martin denied any wrongdoing after the allegations surfaced earlier this month, but said he understood the company had to investigate it.

He previously worked at Saatchi & Saatchi, and was knighted in the Queen's New Year honours list in 2000.

He said: "In the coming period, I will be available to the board and any of you, should you want help with anything, anywhere."

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