31 Oct WPP Chief Ad Executive Resigns Amid Allegations of Personal Misconduct
WPP, the largest advertising group in the world, has lost the man who made it into what it is today.
Martin Sorrell was the Chief Executive until he resigned due to allegations of “personal misconduct” brought against him.
Many of the details surrounding the investigation have been kept extremely private by WPP, and Mr. Sorrel seemed to be more annoyed and dismissive of the allegations against him, claiming his decision to leave was in the best interest of clients and shareholders because of a “current disruption” that has put unnecessary pressure on the business.
No further comments have been made but his resignation does come after years of growing scrutiny of his extravagant salaries, coming to symbolize Britain’s unchecked boardroom excess. Criticism was the highest two years ago when Mr. Sorrel took home £70 million.
The former chief executive has been the highest paid chief exec since 2012. According to a statement from WPP, the former chief exec will be treated as if had retired and the investigation of his misconduct was over, claiming, “The allegation did not involve amounts that are material.”
Robert Quarta has been named executive chairman until a new chief executive can be appointed.