‘Come clean over probe’
Pressure mounts as Sorrell quits
ADLAND giant WPP is facing calls to reveal details of a probe that prompted founder Sir Martin Sorrell to quit.
Lib Dem leader Vince Cable accused WPP of sweeping claims “under the carpet”, adding there was a “real lack of transparency”.
WPP, the world’s biggest advertising firm, ordered an investigation into misconduct allegations which Sir Martin, 73, strenuously denies.
His decision to step down after 33 years at the helm of WPP triggered a near £1billion slump in its stock market value yesterday, and wiped £13m off Sir Martin’s stake. His holding is still worth more than £200m, and he could walk away with £20m in bonuses.
Experts predicted it could prompt the break-up of the group of more than 400 companies spanning advertising, marketing, public relations and analytics.
Sir Martin, the FTSE’s longest serving chief executive, has sparked controversy for his colossal pay packets.
In 2015 his £70m deal caused a shareholder backlash.
Analysts said it was unlikely Sir Martin would, as speculated, set-up a rival agency and rumours are rife as to who might replace him as WPP boss, with Sky chief executive Jeremy Darroch among external candidates named.
WPP’s share price was also languishing after big advertisers cut spending. Its customers include Ford, Mars and Shell.