Sorrell battles to form new board after WPP spat
SIR Martin Sorrell is struggling to attract board members for his new venture, S4 Capital, amid his ongoing row with WPP, City sources say.
They claim the very public argument between Sorrell and his former employer is scaring off candidates. Sorrell is hunting for nonexecutive directors to sit alongside Sky Bet chairman Paul Roy, 71, and veteran financier Rupert Faure Walker, 70.
Two executives from MediaMonks, the Dutch digital production company that S4 bought for £266million, are expected to join the board, but Sorrell is looking to recruit more, including a female, American, digitallysavvy director.
Veteran media analyst Paul Richards is expected to join S4 in January to lead investor relations.
Investment houses Schroders, Miton and Lombard Odier and Lord Rothschild have ploughed £11million into the venture, Sorrell has put in £40million, a share placing has raised £130million and £45million has been lent by HSBC.
Since leaving WPP, Sorrell has been in a spat over the ownership of MediaMonks, which escalated into a potential legal battle.
Claire Enders, chief executive of Enders Analysis, said: ‘People just don’t want to be involved in bust-ups. If the acrimony dies down it’s going to make it a lot easier for Martin to get talented people.’
An S4 spokesman said: ‘We are not commenting on speculation surrounding any appointments.’
Separately, WPP is expected to announce the appointment of its new chief executive in September. Longstanding executive Mark Read is a favourite to take on the role.