Martin Sorrell Steps Down As CEO, WPP

16 Abril, 2018, 00:59 | Author: Arnold Perez
  • AFP  Getty Images

Sorrell has denied that the allegations have merit.

The ad business has changed a lot since Sorrell launched WPP.

"As I look ahead, I see that the current disruption is simply putting too much unnecessary pressure on the business", Sorrell said in a statement to WPP staff.

"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", Sorrell added. "Good fortune and Godspeed to all of you ... now Back to the Future".

Mr Sorrell is among the most influential advertising professionals globally and also the longest-serving FTSE-100 chief executive, who has run WPP since setting up the business in 1985.

Details of the investigation into the allegation of misconduct were still not clear at the time of writing, with WPP having only offer the following update that it had concluded that that "the allegation did not involve amounts that are material".

"WPP is investigating an allegation of financial impropriety by me, specifically as to the use of company funds", Mr Sorrell said in a statement.

More news: The Apple Watch Could Soon Support Third-Party Watch Faces
More news: SIP: Que no haya impunidad en asesinato de periodistas
More news: Gianluigi Buffon 'stands by' Michael Oliver comments

If Mr. Sorrell departs, the board is considering tapping WPP veterans Mark Read and Andrew Scott to be co-CEOs, the people said.

The resignation preempts what could have been an inglorious departure.

WPP stated that the amounts involved in Sorrell's alleged misuse of company funds were "not material" to the company, leading one United Kingdom agency chief executive to question the board's intentions. "However, there will be great interest in resolving the full-time CEO role as soon as possible". He worked closely with the brothers Saatchi (Charles and Maurice) and helped fashion its rapid growth, before going solo and acquiring a shopping basket manufacturer Wires & Plastic Products (WPP).

He owns shares in WPP worth more than £200m‎, while his annual remuneration packages - he earned £70m two years ago - have made him a target for critics of lavish boardroom pay.

But beyond the investigation that leaked this month, there were other signs Sorrell was losing his magic touch.

The probe served to intensify scrutiny on Sorrell and WPP's succession planning, long criticised by investors as being insufficient, prompting speculation that a CEO long seen as unstoppable might be forced to step aside. He will be treated as having retired on leaving WPP, as detailed in the Directors' Compensation Policy.

Chairman Roberto Quarta takes over as executive chairman.

Recomendado:

  • Chinese official meets Kim Jong Un, ahead of inter-Korean summit

    Chinese official meets Kim Jong Un, ahead of inter-Korean summit

    North Korea and China seem to be celebrating closer ties, with Kim Jong Un putting on a banquet today . Song and an art troupe to Pyongyang, the North Korean capital, to attend an worldwide art festival.
    Formula One : Daniel Ricciardo wins Chinese GP

    Formula One : Daniel Ricciardo wins Chinese GP

    Red Bull's Daniel Ricciardo battles with Nico Hulkenberg . "I feel like every win I've had it's been a similar circumstance". Vettel and teammate Raikkonen grabbed a lockout for Ferrari on the front row to put the pressure on Mercedes .
    Barbara Bush in failing health: statement

    Barbara Bush in failing health: statement

    Barbara Bush is in failing health and will not seek additional medical treatment, the Bush family spokesman announced Sunday. Granddaughter Jenna Bush Hager posted a photo to Instagram earlier this week showing the four generations of Bush women.
  • Wall Street abre al alza y el Dow Jones sube un 0,20%

    Wall Street abre al alza y el Dow Jones sube un 0,20%

    El índice industrial Dow Jones perdía 20 puntos, 0,08%, a 24.463 puntos y el compuesto Nasdaq retrocedía 19 puntos, 0,2%, a 7.121.
    New James Comey book dishes out dirt on Trump

    New James Comey book dishes out dirt on Trump

    He also recalls Trump requesting that the FBI investigate salacious allegations about his actions with Russian prostitutes. Russian Federation has denied interfering in the election and Trump has denied any collusion or improper activity.
    Man Utd Team To Play West Brom — CONFIRMED

    Man Utd Team To Play West Brom — CONFIRMED

    What to make of Paul Pogba? It was a set piece and a lovely goal from Rodriguez so thank you. 20th, with 24 points from 34 games. Here's the best of the social media reaction to City winning the Premier League for the third time in the club's history.
  • More than 200 million eggs recalled due to possible salmonella contamination

    That led to an inspection of the farm in Hyde County, North Carolina that produced the eggs. A salmonella outbreak was linked to the eggs Rose Acre Farms produces.
    Hamilton takes a record but still in no-man's land

    Hamilton takes a record but still in no-man's land

    I've only got six, it's not a whole lot but the wins seem to come under always some circumstances". I appreciate the fact that he came to me straight away.
    Eagle Daryl Worley found with gun during arrest, reports say

    Eagle Daryl Worley found with gun during arrest, reports say

    Worley allegedly became combative with police when roused around 6 a.m. and was tased before being taken into custody. The arrest has sparked speculation that the Eagles may release Worley before he even suits up for the team.
  • El Índice de Precios al Consumidor de Córdoba fue de 1,74%

    El Índice de Precios al Consumidor de Córdoba fue de 1,74%

    En lo que hace a los precios Estacionales la suba fue del 2,5%; el de los Regulados del 12,9% y los de Inflación Núcleo el 7,1%. En cuanto a la inflación subyacente, la misma registró una tasa interanual de 2.57% en el mes de marzo de 2018 .
    Trade minister says 'no appetite' to renegotiate TPP to accommodate US

    Trade minister says 'no appetite' to renegotiate TPP to accommodate US

    Witnesses saw blasts surrounding much of the Syrian capital and a huge fire could be seen from a distance to the east. The mission's job was only to determine whether chemical weapons had been used, not who had used them.
    President Trump Pardons Scooter Libby, Former Aide To Vice President Dick Cheney

    President Trump Pardons Scooter Libby, Former Aide To Vice President Dick Cheney

    Libby was convicted of lying to the Federal Bureau of Investigation and was sentenced to 30 months in prison in 2007. He represents the repudiation of everything that my generation has worked to secure for our nation and its people.


Popular

Triaca, sobre la inflación: "Vamos a estar más cerca del 15%"
Asimismo, el ministro defendió a su par de Hacienda , Nicolás Dujovne , quien según reveló la revista Noticias, blanqueó $20 millones antes de ingresar a la función pública.

Amenaza con otro ataque si vuelven a usar armas químicas
Esa resolución, si llega a la mesa del consejo, será la quinta desde las denuncias del supuesto ataque químico . Mientras Estados Unidos apeló a que la Constitución de ese país les da derecho a realizar tales acciones.

Led airstrikes on Syria justified: Israeli official
Asked whether Israel helped choose targets, the official, who spoke on condition of anonymity, said: "Not to my knowledge". Israel has mounted air strikes in Syria on a regular basis, targeting suspected weapons shipments to Lebanese Hezbollah.

¡El París Saint Germain es campeón de la Ligue 1!
En esta temporada en el torneo doméstico logró 28 triunfos, dos empates y cayó en tres oportunidades. Los títulos conseguidos por París son los siguientes: 1986, 1994, 2013, 2014, 2015, 2016 y 2018 .

Cumbre de las Américas: 16 países se pronuncian por Venezuela
La vicepresidenta señalo que Ecuador ve con "mucha preocupación" a familias venezolanas abandonar su país. Es primera vez que Estados Unidos y Bahamas firman una declaración con el Grupo de Lima .

Bon Jovi Reunites For Rock Hall Of Fame
So did the two talk about anything while she was on stage? Dire Straits went into the Rock & Roll Hall of Fame without its leader. A classically-trained pianist, Simone is often referred to as "The High Priestess of Soul". "She influenced the influencers".

Pence To Russia: 'You're On The Wrong Side Of History'
Calling the strike "successful" and an "extraordinary success", Trump said the strike "degraded and crippled" and "significantly eroded" Syria's ability to use chemical weapons.

French President Macron says 'red line has been crossed' in Syria
Tristram Hunt, the former MP and current director of the V&A, described it as a 'remarkable extension of French cultural prowess'. Ali Mayhoub, who read the statement on Syrian TV, said "our air defenses effectively shot down most of them".

Anticipated $1.97 EPS for S&P Global Inc
Last year's earnings per share was $1.62, while now analysts expect change of 21.60 % up from current $1.97 earnings per share . Total analysts of 2 have positions in S&P Global (NYSE:SPGI) as follows: 1 rated it a "Buy", 0 with "Sell" and 1 with "Hold".

White Sox Game Postponed Due To Snow
Berrios allowed three hits and struck out 11 in seven innings Thursday as he continues to develop into the Twins ace. It's the first time in the history of Target Field that consecutive games have been postponed due to weather.