Sir Martin Sor­rell steps down as CEO of WPP af­ter 33 years

Campaign Middle East - - NEWS -

Sir Martin Sor­rell has stood down as chief executive of WPP. A state­ment re­leased by the com­pany last week con­firmed that Sor­rell, the founder of the world’s big­gest ad agency group, has left the role of chief executive with im­me­di­ate ef­fect.

How­ever, Sor­rell will as­sist with the tran­si­tion as the com­pany seeks a new leader. It fol­lows an in­ter­nal in­ves­ti­ga­tion into an al­le­ga­tion of per­sonal mis­con­duct against Sor­rell, which WPP said has now con­cluded. WPP stated that the amounts in­volved in Sor­rell’s al­leged mis­use of com­pany funds were “not ma­te­rial” to the com­pany.

Mark Read, chief executive of Wun­der­man and WPP Dig­i­tal, and An­drew Scott, WPP cor­po­rate de­vel­op­ment di­rec­tor and chief op­er­at­ing officer, WPP Europe, have been ap­pointed as joint chief op­er­at­ing of­fi­cers of WPP.

Sor­rell said: “Ob­vi­ously I am sad to leave WPP af­ter 33 years. It has been a pas­sion, fo­cus and source of en­ergy for so long. How­ever, I be­lieve it is in the best interests of the busi­ness if I step down now. I leave the com­pany in very good hands, as the board knows.

“Mark and An­drew and the man­age­ment team at all lev­els have the knowl­edge and abil­i­ties to take WPP to even greater heights and cap­i­talise on the geo­graphic and func­tional op­por­tu­ni­ties.

“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.”

Roberto Quarta, chair­man of WPP, be­comes executive chair­man un­til the ap­point­ment of a new chief executive has taken place.

He said: “Sir Martin has been the driv­ing force be­hind the ex­pan­sion of WPP to cre­ate the global leader in mar­ket­ing ser­vices. 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.

“On be­half of the board I would like to recog­nise these achieve­ments and thank Sir Martin for his com­mit­ment to the busi­ness over more than three decades.”

Part­ing is such sweet: Sor­rell has re­signed as chief executive of the com­pany he built

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