The head of the world’s largest announce agency, WPP, has stepped down after an internal investigation into his personal conduct.
Chief executive Sir Martin Sorrell ran WPP for 33 times, becoming the most important one paid boss of a FTSE 100 company.
He read WPP had been a affection but it was in “the best interests of the business” for him to resign.
WPP said the investigation, over consume of corporation fund, was finished. Sir Martin has spurned claims of wrong-doing.
The chairman of WPP, Roberto Quarta, will oversee the agency until a new CEO is appointed.
Sir Martin once told you he would “carry on until they carry me out of the cement factory”. The 73 -year-old was the longest providing president of the united states of a FTSE 100 house by far.
He will be treated as having withdrawn, WPP said in a statement, so looked forward to receiving any payments, bonuses and shares in line with his contract.
He was one of the best-paid chief executive, and in 2015 faced a shareholder rebellion over a PS70. 4m remuneration package.
Although Sir Martin is deemed to have “retired” this was not the outcome he craved.
His legacy as one of the titans of the advertising industry is fasten – he built a PS20bn world business from scratch and amassed a personal fortune.
In the end, it was the trends in life business that wrong-footed the sprawling dominion he originated. The aged advertise conglomerates have been rendered less important by the sheer reach and analytics available by platforms like Google and Facebook.
By his own admittance, WPP went “walloped” last year and the company has lost a third of its appreciate. If it hadn’t, it’s probable he was able to survived the recent is looking into his deport committing sums of company fund.
But shareholders were get restless, he had lost the unanimous backing of the board and at 73, he is no spring chicken.
He has enormous intensity and you wouldn’t framed it past him to create a new media territory. But his life’s exertion, WPP – a company he was often accused of treating as his own – will now be run by someone else.
In a statement, WPP, whose business include J Walter Thompson and Ogilvy& Mather, told: “The previously announced investigation into an charge of impropriety against Sir Martin has concluded. The allegation did not commit extents that are material.” It did not give further details of the claims.
Mr Quarta described Sir Martin as being the “driving force” behind WPP’s growth and thanked him for his commitment to the business.
In a statement, Sir Martin articulated: “Obviously I am harrowing to leave WPP after 33 years.
“It has been a feeling, 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.”
Who is Sir Martin Sorrell?
Formed WPP in 1985 after taking control of a eggshell company, Wire& Plastic Commodity, and proved it as a marketing works radical in 1986
Oversaw growth of firm which now has 3,000 departments in 112 countries
Born in London, he read economics at Christ’s College, Cambridge University
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