Flashed Yesterday: Martin Sorrell steps down as WPP CEO
The 73-year-old founder of WPP is in midst of an unspecified investigation about “personal misconduct and misuse of company assets, which he denies
Sir Martin Sorrell has stepped down as CEO of WPP with immediate effect. Roberto Quarta, chairman of WPP, takes over as the executive chairman until the appointment of a new CEO, according to a statement from WPP.
Mark Read, CEO, Wunderman and WPP Digital, and Andrew Scott, WPP corporate development director and COO, Europe, have been appointed as joint chief operating officers of WPP.
The 73-year-old founder of WPP is in midst of an unspecified investigation about “personal misconduct and misuse of company assets.” He has denied the allegations.
“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. That is why I have 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,” Sorrell said in his statement.
He signed off: 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.
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