WPP: CEO Martin Sorrell steps down after misconduct scandal
(CercleFinance.com) - WPP's CEO Sir Martin Sorrell resigned on Monday over a misconduct scandal.
He will be replaced by Roberto Quarta, the company's chairman, until the appointment of a new chief executive officer.
The British ad giant WPP said the investigation that was launched into Sorrell earlier this month is now complete, with the allegation not involving "amounts that are material".
WPP had to look at its CEO's possible misuse of company assets and allegations of improper personal behaviour after press reports about a possible misconduct were published.
"Obviously I am sad to leave WPP after 33 years," Sorrell said. "However, I believe it is in the best interests of the business if I step down now," he added.
Mark Read, CEO of Wunderman and WPP Digital, and Andrew Scott, the group's chief operating officers for Europe, have been appointed as joint chief operating officers at the group level.
The company said that Sorrell will be treated as having retired on leaving WPP.
The London-listed WPP shares were down 2.4% at 1,159 pence on the news.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
He will be replaced by Roberto Quarta, the company's chairman, until the appointment of a new chief executive officer.
The British ad giant WPP said the investigation that was launched into Sorrell earlier this month is now complete, with the allegation not involving "amounts that are material".
WPP had to look at its CEO's possible misuse of company assets and allegations of improper personal behaviour after press reports about a possible misconduct were published.
"Obviously I am sad to leave WPP after 33 years," Sorrell said. "However, I believe it is in the best interests of the business if I step down now," he added.
Mark Read, CEO of Wunderman and WPP Digital, and Andrew Scott, the group's chief operating officers for Europe, have been appointed as joint chief operating officers at the group level.
The company said that Sorrell will be treated as having retired on leaving WPP.
The London-listed WPP shares were down 2.4% at 1,159 pence on the news.
Copyright (c) 2018 CercleFinance.com. All rights reserved.