WPP Founder Sir Martin Sorrell Quits As CEO

Omnicom CEO John Wren said that marketers are “rapidly adjusting their businesses to keep pace with technological disruption” during the company’s first-quarter earnings call

Omnicom CEO John Wren said that marketers are “rapidly adjusting their businesses to keep pace with technological disruption” during the company’s first-quarter earnings call

The chief executive of the world's largest advertising agency WPP has stepped down following allegations of personal misconduct through the misuse of company assets. Meanwhile, CEO of Wunderman and WPP Digital, Mark Read, as well as WPP corporate development director and COO, Europe, Andrew Scott, have been appointed as joint COOs of WPP.

But while the chief executive agreed that some parts of the business would be attractive to buyers, he questioned who the likely purchasers of WPP's creative networks - J Walter Thompson, Ogilvy & Mather, Y&R and Grey - might be.

"As a founder, I can say that WPP is not just a matter of life or death, it was, is and will be more important than that", Sorrell said in the statement late Saturday.

WPP said that the probe had concluded, adding "the allegation did not involve amounts that are material".

WPP released a statement stating that the change would become effective immediately and that the advertising behemoth's chairman Roberto Quarta would become executive chairman until the company could appoint a new chief executive.

Sorrell, who has led the firm for 33 years, said it was "in the interests of the business" to step down. Good fortune and Godspeed to all of you...now Back to the Future.




"It's favorable for WPP that the issue was resolved fast enough that it wouldn't have become a distraction, and the interim leadership choice looks like a positive move as well", said Brian Wieser, a media analyst at Pivotal Research LLC, by email. "However, there will be great interest in resolving the full-time CEO role as soon as possible".

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.

The ad giant has been under pressure since it was forced to admit this month that it had launched...

Sorrell's departure, first reported by The Guardian, comes amid reports that he is under investigation for some as-yet-undisclosed improprieties.

"Yes he was relentless and richly rewarded - but let's not forget Sir Martin Sorrell built a global advertising empire from nothing", said Lionel Barber, editor of the Financial Times newspaper.

The era of advertising Sorrell ushered in has been about scale as a handful of big players - WPP, France's Publicis and Havas, Japan's Dentsu and New York-based Interpublic and Omnicom - have hoovered up smaller agencies.

Recommended News

  • Punjabi singer Parmish Verma injured after shooting

    Punjabi singer Parmish Verma injured after shooting

    The singer, who shot to fame with his song "Gaal Nee Kadhnai", was admitted to a private hospital in Mohali with a bullet injury. In a statement, a top Mohali police official said that the assailants had arrived in a white Toyota Fortuner SUV.
    Ice Storm Coming This Weekend. Be Prepared

    Ice Storm Coming This Weekend. Be Prepared

    The weather system will also result in wind gusts of up to 70 kilometres per hour in some areas which may cause power outages. Periods of rain with a chance of freezing rain is forecast for Friday before a big blast of snow this weekend.
    Africa leads progress against the death penalty in the world

    Africa leads progress against the death penalty in the world

    Although that number is still high, it is 4 percent less than in 2016, when the human rights organization registered 100 more. The countries known to have executed people for drug-related crimes are China , Iran, Saudi Arabia and Singapore.
  • Apple 'recalls' Watch 2

    Apple Watch Series 1 also suffered from the same issue and Apple has also covered swollen batteries under 1-year warranty date. The bulging battery issue is affecting some Apple Watch Series 2 devices.

    "They gave up", Oklahoma educators disappointed with end to teacher walkout

    Select from these options: Breaking News, Severe Weather, School Closings, Daily Headlines and Daily Forecasts. In total, he recalled at least four open-handed slap fights between September and his firing.
    Five Red Sox takes: Rick Porcello is rolling

    Five Red Sox takes: Rick Porcello is rolling

    The righthander was coming off an outing in which he allowed three runs in six solid innings against Baltimore. Benintendi hit a grounder right at Wade, whose throw to home got past Sanchez and allowed Leon to score.
  • Haley: US locked and loaded if Syria uses gas again

    Haley: US locked and loaded if Syria uses gas again

    The strikes are over for now, but we connect to our Cha Sang-mi who's on the line for the latest on this still fluid situation. President Emmanuel Macron of France on Thursday cited proof that the Syrian government had launched chlorine gas attacks.
    Netflix (NFLX) Price Target Raised to $330.00 at Raymond James Financial

    Netflix (NFLX) Price Target Raised to $330.00 at Raymond James Financial

    This is very handy information for corporate investors and stock traders for making wise decisions regarding online trading. Looking out over a next 5-year period, analysts expect the company to see its earnings go up by 70.75%, annually.

    'Dancing With The Stars: Athletes' Cast: Full List & Details

    Meanwhile, Nagasu also took home a bronze medal for her efforts, and she will join forces with Alan Bernstein. The change could likely be attributed to the network's American Idol reboot, Entertainment Weekly reported.
  • CM Vijay Rupani doesn't attend BJP fast

    CM Vijay Rupani doesn't attend BJP fast

    The fast was however accompanied with slip ups by the party which had put it on a defensive spot. The move to organize fast has made BJP a laughing stock.
    National Football League  draft: Potential Dez Bryant replacements for the Cowboys

    National Football League draft: Potential Dez Bryant replacements for the Cowboys

    Bryant tweeted his frustration after being told of his release when he arrived Friday for a meeting at the team's headquarters. Bryant has been the lively, volatile, loyal beating heart of the Dallas offense since the start of the decade.
    Three Bollywood actresses among most admired women in the world

    Three Bollywood actresses among most admired women in the world

    The women's list features celebrities out of which Angelina Jolie and Emma Watson are known for their humanitarian work. Seattle's Bill Gates was named the world's most admired man, according to an annual study by YouGov .

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.