WPP chief Sir Martin Sorrell quits advertising agency
WPP chief Sir Martin Sorrell quits advertising agency
Sir Martin Sorrell says ta-ta to WPP, Roberta Quarta becomes exec chairman
15 April, 2018, 19:43
And last month amidst slowing down of revenues and income and the growing clout of the FANGS - the board commenced an investigation charging Sorrell with personal misconduct and misuse of the company's assets.
"Sir Martin Sorrell has stepped down as chief executive officer of WPP with immediate effect", the holding company said in a statement.
In a statement, he said it was "in the best interests of the business if I step down now".
To fill the leadership vacuum while a successor is found Roberto Quarta, the WPP chairman, will take an executive chairman role.
73-year-old Sorrell was largely responsible for growing WPP into the advertising empire, having founded the business in 1985.
Analysts believe Sorrell's departure combined with a share price slump of nearly a third over the past year means investors and the WPP board will have to consider that there is potentially more value in breaking up WPP.
"His departure will leave the company he built virtually from scratch facing profound questions about its future direction", he said.
Sir Martin is also likely to be allowed to retain on a pro rata basis significant amounts of unvested WPP stock which would be released, based on the company's performance, over the coming years, sources said.
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