Martin Sorrell Steps Down As CEO, WPP

Apr 16, 2018, 02:01
Martin Sorrell Steps Down As CEO, WPP

Mr Sorrell (73), who has been at the helm of WPP as CEO for 33 years, "unreservedly" denied the misconduct allegation, which involves the improper use of company funds and allegations of improper personal behavior. (He is renowned for holding conversations while texting with clients and friends.) Today, WPP can be a worldwide advertisements behemoth with 130,000 workers in 112 countries, and a industry valuation of approximately 2-2 billion pounds, or about £ 31 billion.

His resignation will be one of the most significant ‎exits of a FTSE-100 chief executive for many years.

The investigation into Sorrell has now concluded, WPP said, reiterating that the amounts weren't material. His departure followed allegations of personal misconduct and misuse of company assets and comes days before the board was set to publish the findings of their investigation.

Sir Martin Sorrell has announced he is leaving WPP, the British multinational he founded and led for 33 years.

WPP act for some of the biggest consumer electronics and appliance Companies in the world, Sorrell was also one of the highest paid earning an annual salary of over $150M per year, the Company has said that a new CEO will be appointed shortly.

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In an email to WPP staff on Saturday night seen by Sky News, Sir Martin said it was "in the interest of our clients...and all our other stakeholders...for me to step aside".

As the architect of the global empire which began in the humble form of the cash shell Wire and Plastic Products, Sir Martin has amassed rich rewards from his success.

Shares in WPP are expected to fall tomorrow when the markets open.

Sir Martin Sorrell, Chairman and Chief Executive Officer of advertising company WPP, attends a conference at the Cannes Lions Festival in Cannes, France, June 23, 2017.

A first gen entrepreneur of Ukrainian descent, he rose out of nowhere to build the world's largest advertising group. For example, the Vice-owned creative agency Carrot is said to have fostered what many described as a hostile work environment for women.

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"As I look ahead, I see that the current disruption we are experiencing 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", Sorrell wrote.

However, the firm has struggled in the a year ago, with shares falling back from heights above £19 in February to less than £12 at the close of markets last Friday.

"Once WPP breaks up, the pressure on the other guys will be irresistible", he added.

WPP declined to comment on Saturday evening, while Sir Martin could not be reached for comment.

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