Апреля 24, 2018

Embattled Sorrell exits CEO post at WPP

15 Апреля 2018, 08:17 | Melvin Schneider

Sir Martin Sorrell steps down from WPP following claims of personal misconduct

Sorrell's full resignation message to WPP 'Godspeed to all of you'

The 73-year-old founder of WPP resigned ahead of an investigation into alleged "personal misconduct and misuse of company assets", which he has denied.

He added: "As a significant share-owner, my commitment to the company, which I founded over 30 years ago, remains absolute - to our people, our clients, our shareholders and all of our many stakeholders".

"I will particularly miss the daily interactions with everyone across the world and want to thank them and their families for all they have done, and will do, for WPP", he added.

Sir Martin said last week that he rejected the allegation "unreservedly but recognise that the company has to investigate it". However, when the matter made it into the Wall Street Journal he told friends he thought it was being used as a weapon to force him out, one source said. I leave the company in very good hands as the board knows... "Martin was all powerful and WPP without Martin was not worth thinking about".

Sir Martin was born in London and educated at the Haberdashers' Aske's Boys' School before going on to read Economics at Christ's College, Cambridge.

He took center stage in 1985, buying a stake in a small manufacturing firm Wire and Plastic Products Plc to use it as a public vehicle to buy communications groups around the world.

In Australia the group has a market capitalisation of $780M.

The departure of one of Britain's best-known businessmen leaves the advertising giant needing fresh leadership at a testing time for the marketing industry, with social media companies offering brands a direct connection with vast audiences. "He is such a competitor and he can get so angry when he loses".

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Sorrell sparred repeatedly with the long-time boss of French rival Publicis, Maurice Levy, and enjoyed pointing out to journalists the failings of his rivals.

"Over the past four or five years, the company's market cap has grown by about £10 billion".

"Mark and Andrew are both highly accomplished and experienced executives who have the board's complete confidence", Quarta said in an emailed note to employees, a copy of which was seen by Bloomberg.

"Most of my wealth, if not all of it, is and has been for the last 31 years tied up in the success of WPP".

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.

Sorrell told staff that WPP had come through hard times before and would do so again, saying he would be available to anyone who wanted advice.

Sorrell said in a statement late Saturday that he was sad to leave, with WPP having been his passion and focus for more than three decades.

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