Head of world’s largest mar­ket­ing group WPP re­signs

Daily Sabah (Turkey) - - Business -

THE HEAD of the world’s largest mar­ket­ing group, WPP, has an­nounced his res­ig­na­tion fol­low­ing an in­ves­ti­ga­tion into his al­leged mis­use of funds. Martin Sor­rell said he was re­sign­ing with im­me­di­ate ef­fect as chief ex­ec­u­tive of WPP, which he founded in the 1985, “in the best in­ter­ests of the busi­ness.” “Ob­vi­ously I am sad to leave WPP af­ter 33 years. It has been a pas­sion, fo­cus and source of en­ergy for so long,” Sor­rell, 73, said in a state­ment is­sued by WPP, dated Satur­day.

“How­ever, I be­lieve it is in the best in­ter­ests of the busi­ness if I step down now,” he said. “I leave the com­pany in very good hands, as the board knows.”

WPP said its “in­ves­ti­ga­tion into an al­le­ga­tion of mis­con­duct” against Sor­rell had con­cluded.

“The al­le­ga­tion did not in­volve amounts that are ma­te­rial,” it said.

Sor­rell had de­nied al­le­ga­tions of mis­use of com­pany funds and im­proper per­sonal be­hav­ior, ac­cord­ing to Bri­tish me­dia re­ports. WPP said group chair­man Roberto Quarta would re­place Sor­rell as chief ex­ec­u­tive un­til a long-term re­place­ment is found.

“Sir Martin has been the driv­ing force be­hind the ex­pan­sion of WPP to cre­ate the global leader in mar­ket­ing ser­vices,” Quarta said. “Dur­ing this time, the com­pany has been suc­cess­ful be­cause it has val­ued and nur­tured out­stand­ing tal­ent at ev­ery level - within and well be­yond our lead­er­ship teams,” he said. Sor­rell, a for­mer top ad­ver­tis­ing ex­ec­u­tive for Saatchi & Saatchi, de­vel­oped the group af­ter buy­ing a small Bri­tish plas­tics com­pany, Wire & Plas­tic Prod­ucts.

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