Vastavam web: Martin Sorrell, who built WPP into the world’s biggest advertising agency through 33 years of dealmaking, quit on Saturday after an allegation of personal misconduct.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 for the industry and when the group is under great strain.
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”.“Obviously I am sad to leave WPP after 33 years,” Sorrell said in a statement. “It has been a passion, focus and source of energy for so long. However, I believe it is in the best interests of the business if I step down now.”
WPP said the investigation, which regarded financial impropriety, had concluded. It made no further comment but repeated a previous statement that the allegation did not involve amounts that were material to the company.A source close to Sorrell said he had been unhappy with how the investigation was handled, leaving him uncertain whether he could work with the board again.Chairman Roberto Quarta will become executive chairman until a new chief executive is found, while Mark Read, a WPP digital executive, and Andrew Scott, chief operating officer, Europe, have been appointed as joint chief operating officers.