Sorrell quits as CEO of WPP

Martin Sorrell quit on Saturday as chief executive of WPP, the world’s biggest advertising agency, following allegations of personal misconduct through the misuse of company assets.

Sorrell, who founded the British ad giant and has been at the helm for the past 33 years, stepped down less than a fortnight after the group launched an independent investigation into the allegations.

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