WPP Founder Sir Martin Sorrell Quits As CEO

Sorrell 'sad to leave WPP after 33 years'

Sir Martin Sorrell is stepping down as CEO of the marketing services group WPP, Sky News can reveal.

The question now for his successor, WPP's investors and its tens of thousands of clients is whether the £15bn group can survive the departure of its founder and the dramatic changes the internet is bringing to the traditional world of advertising.

Sources familiar with the situation said that the outcome of the investigation, which is being carried out by U.S. law firm WilmerHale for WPP chairman Roberto Quarta, will be available by the end of the week. These are methods his successor can not hope to be allowed to employ.

It took Sorrell decades to turn a wire shopping basket manufacturer into the world's largest advertising company, a colossus of more than 400 agencies across 112 countries, counting 200,000 employees.

Sky News has learnt that WPP, which owns a string of worldwide advertising and media buying networks supplying numerous world's biggest companies, is preparing to announce Sir Martin's departure as soon as Saturday night. Sorrell, a former investment banker who cut his teeth in advertising as the Saatchi brothers first finance chief, was a master deal maker at the fore of the global land grab.

Roberto Quarta, WPP's chairman, will become executive chairman while a permanent successor to Sir Martin is identified, according to insiders. "He wasn't widely liked but he was universally admired".

More news: Will Ferrell taken to hospital after accident on California highway

Mark Read, chief executive of Wunderman and WPP Digital, and Andrew Scott, WPP corporate development director and chief operating officer, Europe, have been appointed as joint chief operating officers of WPP.

"That is why I have decided that in your interest, in the interest of our clients, in the interest of all shareowners, both big and small, and in the interest of all our other stakeholders, it is best for me to step aside", he said in the statement.

The company added that the allegations did "not involve amounts which are material to WPP", implying that the potential misuse of company funds form‎ed part of the probe. He has denied the allegations.

WPP said last week that it had appointed lawyers to investigate alleged misconduct by Sorrell.

He had been under investigation by WPP but had rejected any claim of financial impropriety.

Related News:

  • Backpage CEO pleads guilty to conspiracy, money laundering charges

    Backpage CEO pleads guilty to conspiracy, money laundering charges

    Lacey is scheduled for a detention hearing Wednesday in federal court in Arizona, followed by Larkin on Thursday. Ferrer's guilty pleas were filed in state courts in California and Texas, as well as in federal court in Arizona.
    Russell Westbrook Announcer Says He's 'Out Of His Cotton-Picking Mind'

    Russell Westbrook Announcer Says He's 'Out Of His Cotton-Picking Mind'

    Five teams finished within one game of one another, and seeding scenarios entering the evening were all over the place. Oklahoma City's lead reached 90-63 on a three-point play by Carmelo Anthony with 7:06 left in the third quarter.
    NZ slams door on oil, gas

    NZ slams door on oil, gas

    It certainly has nothing to do with climate change ", Young said. The National Party said the move was " economic vandalism ".
  • Facebook Inc (NASDAQ:FB) Institutional Investor Sentiment Is 1.21

    Facebook Inc (NASDAQ:FB) Institutional Investor Sentiment Is 1.21

    Facebook, Inc . (NASDAQ: FB ) now has a Weekly Volatility of 3.82% percent while its Monthly Volatility is at 3.56% percent. FB registered $1.12 billion net activity with 0 insider purchases and 35 selling transactions since October 3, 2017.
    Trump says Syria strikes

    Trump says Syria strikes "perfectly executed", declares "Mission Accomplished!"

    Defense Secretary Jim Mattis said twice as many weapons were used in the strikes on Saturday compared to last April's strike. Trump told the nation in his address the U.S. "cannot purge the world of evil or act everywhere there is tyranny".
    Crews respond to structure fire in White Hall

    Crews respond to structure fire in White Hall

    The Pontotoc County Sheriff's Department and State Fire Marshal's Office are now working to determine the cause of the fire. Crews put out the blaze after about 40 minutes, and the house was heavily damaged by fire, smoke and water, Chittum said.
  • Paul Ryan backs Rep. Kevin McCarthy to succeed him as House speaker

    Paul Ryan backs Rep. Kevin McCarthy to succeed him as House speaker

    Talks of who will replace Ryan as the highest-ranking Republican in the House began immediately after his announcement. According to sources, the California representative told the President he wants the job.
    LG Report: Andrew McCabe Repeatedly Leaked And Lied About It

    LG Report: Andrew McCabe Repeatedly Leaked And Lied About It

    The president went as far to say the two of them were the same person and calling the agency a "den of thieves and lowlifes". He said he was authorized to share the information with reporters and had not intentionally misled anyone.
    Names of destructive 2017 storms retired

    Names of destructive 2017 storms retired

    The practice of naming Atlantic hurricanes dates back to the 1950s, though only female names were used between 1953 and 1978. Irma lashed the Caribbean and the US, making seven separate landfalls as it tore across the islands and the Southeast US.
  • Rusty's Forecast - Cold & windy with snow much of the day

    Rusty's Forecast - Cold & windy with snow much of the day

    Another few inches are possible from Walsenburg down to Trinidad and west into the surrounding higher terrain. There will be a slight chance of rain late Wednesday but otherwise skies will be dry for a while, Mejia said.
    Bajrang leads Indian wrestlers' charge at CWG

    Bajrang leads Indian wrestlers' charge at CWG

    With this win, Mary - at 35 and a mother of three - became the first Indian female boxer to win gold at the Commonwealth Games . Boxer Naman Tanwar won bronze in men's 91 kg category, after facing defeat in the ring against Australia's Jason Whateley.

    Tottenham vs. Manchester City live stream

    We still have a chance this year and I think if we do win the FA Cup and finish top four it would be a good season". I think that is what makes a good player, doing it year in, year out, if you can catch records that's incredible .


Most liked

In blow to Republicans, US House speaker refuses to seek re-election
Ryan also has some and more overt significant failures - to conservatives and Republicans at least. House Speaker Paul Ryan's leadership lieutenants say it's not yet time to jockey to succeed him.

Donald Trump demands former Federal Bureau of Investigation chief James Comey is jailed
Representative Jim Himes said on CNN, referring to Comey and Mueller, himself a former Federal Bureau of Investigation director. In this, Comey composed Trump, because of his dedication, pushed the then-FBI manager in a private assembly.

Carrie Underwood Posts First Close-Up Facial Photo Since 'Gruesome' Accident
A big night for country music , as artists return to Las Vegas for the 53rd Annual Academy of Country Music Awards . The nominees in this category are Brothers Osborne, Dan+Shay, Florida Georgia Line, LoCash, Tim and Faith McGraw.

Eagles CB Daryl Worley tased, arrested, report says
Early this morning, Worley was tasered and arrested during a confrontation with Philadelphia police near the Eagles' facility. Heading into the 2018 preseason, Worley would already be on the roster to bubble and would have to earn his spot.

Amanda: Some Sunday showers, but severe weather is over
It will be much cooler tomorrow-feeling like early March, as high temperatures only make it to the upper 50s tomorrow. The rest of today and tonight look relatively tame with just a small chance at a couple of isolated showers.

Eight Cameroonian athletes go missing from Commonwealth Games
Home Affairs Minister Peter Dutton took the extraordinary step of warning athletes against trying to overstay their visas. Ugandan athletes were also warned against vanishing during Gold Coast 2018 in the lead-up to the event.

New secret BioShock title is now under development
Mafia III was published by 2K Games, owners of the BioShock franchise and publisher of all previous BioShock titles. Whether this studio is the same one working on the next BioShock at the moment is not known.

Stormy Daniels may show up at Trump lawyer Cohen's hearing
Information deemed to be germane to the criminal investigation would not be protected by attorney-client privilege. District Court Judge Kimba Wood said she did not have enough information to issue any ruling on that request.

CDC Says Romaine Lettuce Likely Source Of E. Coli Outbreak
The outbreak involves a particularly unsafe strain of the bacteria known as Shiga toxin-producing E. coli O157:H7. At this time, the CDC said, no grower, supplier, distributor, or brand of romaine lettuce has been identified.

Friday of protest in Gaza
Israel alleges Hamas is using protests as a cover for attacks. "We have no knowledge of any Israeli strike in the area", he said. Israeli troops have shot dead at least 30 Palestinians and wounded hundreds since the protests began, drawing global criticism.

Xi's pledge to open market unrelated to trade spat: Beijing
Xi Jinping filled his speech at an annual business summit on Tuesday with aphorisms about hard work and openness. In that speech he framed China as the world's new champion of free trade in an implicit rebuke to Trump.

Google to Introduce Self-destructing Email Feature in Gmail
Google revealed yesterday that it's planning to launch a new Gmail design in the coming weeks. When it expires, it is automatically deleted from the inbox and the sender's inbox .

Tesla withdraws from NTSB cooperation agreement
Tesla's initial statement announcing its withdrawal did not disclose that the NTSB was revoking its status. It said he took his hands off the wheel "several times" before the crash.

Knicks dismiss head coach Jeff Hornacek
During his time as their coach, the Knicks gained their sixth-worst record in the National Basketball Association by going 60-104. Hornacek was hired in 2016 by Phil Jackson and lasted just one more season after Jackson and the team parted ways last summer.

With Paul Ryan Gone, the GOP Prepares to Eat Itself Alive
Scalise brushed aside reports that he's preparing a run for the job following Ryan's surprise retirement announcement Wednesday. House Speaker Paul Ryan's announcement Wednesday that he would not seek re-election triggered a battle for the position.