LONDON – Martin Sorrell will step down as CEO of WPP, the world's largest advertising agency, following allegations of personal misconduct.
Sorrell, who created WPP in a global brand market during his 33 years at the helm, had been accused of misusing the assets of the company. He denied having made a mistake.
Sorrell resigned on Saturday night when WPP announced it had concluded an investigation into the matter, and the firm only said that "the indictment did not involve amounts that are material."
"When I look later, I see that the current disruption is simply putting too much unnecessary pressure on the business," Sorrell said in a statement to WPP staff. "That is why I have decided that, in their interest, in the interest of our clients, in the interest of all shareholders, large and small, and in the interest of all our other stakeholders, it is best that I step aside. " "
President Roberto Quarta will run the company until a new CEO is elected.
Sorrell is a titan of British companies and was named the second best CEO in the world in 2017 by Harvard Business Review. British Wire Baskets and made it a global provider of advertising, public relations and marketing services through a series of acquisitions.
Acquisitions included the J. Walter Thompson Group, the Young & Rubicam Group and the Ogilvy Group.
He was richly rewarded for his efforts.
Sorrell was the highest-paid CEO among the 100 FTSE companies in 2015 and 2016, according to a study published last year by the Chartered Institute of Personnel and Development and the High payment center Received 70.4 million pounds ($ 100.3 million) in salary, bonuses, incentives, pensions and other benefits in 2015, and 48.1 million pounds in 2016, in He checked the study.
"If WPP does it well, I do it well," he told the Press Association in April 2016. "Most of my wealth, if not all, is and has been tied for the past 31 years. to the success of WPP, so if WPP does it well, I do it well, and others in the company do it well, if we do it badly, we suffer. "
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