WPP: Martin Sorrell has resigned

WPP: Martin Sorrell has resigned

Claude Leguilloux , published on 16/04/2018 at 06h56

Photo credit © Reuters (Boursier.com) – Martin Sorrell, founder and CEO of the advertising group WPP resigned this weekend after being investigated internally for financial irregularities. Martin Sorrell, in 33 years, has made WPP the world’s largest advertising group … The British group announced last week to have hired a law firm to investigate after accusations of serious misconduct against its managing director. Martin Sorrel denied any inappropriate behavior, but in a letter to employees on Saturday, he explained that “the current climate” was putting “too much pressure on the company”. He added that he made this decision in their “interest, in the interest of customers, in the interest of all shareholders, big and small, and in the interest of all stakeholders” (…) “Good Sure, I’m sad to leave WPP after 33 years, “said Martin Sorrell in a statement. “It’s been a passion, a focus and a source of energy for so long, but I think it’s in the company’s interest if I resign now.” Interim to follow The group’s current president, Roberto Quarta, will act as interim director until a new chief executive is appointed, while Mark Read, head of WPP Digital and Andrew Scott, director of operations in Europe, have been appointed co-directors. The group will consider external and internal applications in a process that may take several months. WPP indicated that the investigation, which concerned financial irregularities, was now over and reiterated that these allegations did not involve significant amounts. The group employs 200,000 people and is present in 112 countries. WPP’s customers include Ford, Unilever, Proctor & Gamble (P & G) and a number of large companies around the world. The title has lost 30% since the beginning of the year …

© 2018 Boursier.com

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