BREAKING NEWS: CEO Of Worlds largest Ad Agency WPP, Quits Under A Cloud
Sir Martin Sorrell the CEO of WPP a $20 billion-dollar communications group has abruptly resigned, at this stage it’s not know whether the move was voluntary after his board commenced an investigation into an allegation of “personal misconduct”.
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.
In Australia the group has a market capitalisation of $780M.
WPP PR Companies operating in Australia include Ogilvy PR, Burson Marsteller, Hill & Knowlton, PPR, Pulse and several conflict agencies.
The group are known for engineering others in the group to pitch for an account if they are about to lose a piece of business.
WPP’s media agencies include the recently established Wavemaker, which was created from the merger of MEC and Maxus, Mindshare, Mediacom, Essence, and creative agencies include Ogilvy, JWT, Y&R and WhiteGrey.
Roberto Quarta, who has been WPP’s chairman for the last three years, will stand in as executive chairman.
The company has also named Mark Read, who runs WPP’s digital operation Wunderman, and its European chief operating officer Andrew Scott as joint chief operating officers.
The Company said that the previously announced investigation into an allegation of misconduct against Sir Martin has concluded. They have not said whether allegations were put to Sorrell resulting in his resignation.
Shares in WPP are expected to fall tomorrow when the markets open.
Sir Martin Sorrell said: “Obviously I am sad to leave WPP after 33 years. 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. I leave the Company in very good hands, as the Board knows.