Martin Sorrell quits as head of WPP advertising agency

UK


LONDON (Reuters) – Martin Sorrell quit as the head of WPP on Saturday, leaving the world’s biggest advertising agency 33 years after he founded it due to an investigation into personal misconduct.

FILE PHOTO: Sir Martin Sorrell, Chief Executive Officer of WPP, attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland, January 23, 2018. REUTERS/Denis Balibouse/File Photo

The British company stunned the industry last week when it said it had appointed lawyers to investigate alleged misconduct by Sorrell, who turned a two-man outfit into the world’s biggest advertising group with 200,000 employees.

The 73-year-old denied any misconduct “unreservedly” but in a letter to WPP staff published late on Saturday he said the “current disruption” was “putting too much unnecessary pressure on the business”.

He said he had decided that “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”.

The company said Chairman Roberto Quarta will become executive chairman until a new chief executive is found while Mark Read, a WPP executive, and Andrew Scott, chief operating officer, Europe, have been appointed as joint chief operating officers of WPP.

Reporting by Kate Holton; Editing by Kevin Liffey and Alistair Bell



Source link

Products You May Like

Articles You May Like

New home, but same worries, as NATO moves into glass and steel HQ
Soccer: Wenger to step down after two decades in charge at Arsenal
EU
May faces embarrassing Brexit defeat in upper house
U.S. bans American companies from selling to Chinese phone maker ZTE

Leave a Reply

Your email address will not be published. Required fields are marked *