
WPP's corporate development director and chief operating officer for Europe Andrew Scott and, Wunderman CEO Mark Read would don the mantle of co-chief operating officers.
Born to Jewish parents who were from Kiev, Sorrell began his career in the renowned and trendy ad agency Saatchi & Saatchi (which fashioned winning electoral campaigns for Britain's conservative prime minister Margaret Thatcher) in 1975.
"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", Sorrell added.
His fall from grace took less than a month after WPP announced April 3 that it was investigating the allegations.
The company added that the allegations did "not involve amounts which are material to WPP", implying that the potential misuse of company funds formed part of the probe. Meanwhile, WPP Chairman Roberto Quarta will run the agency until a new CEO is chosen. Sorrell was set to join the rest of the board early next week for scheduled meetings ahead of the company's quarterly results, making a quick resolution of the probe nearly inevitable. "Good fortune and Godspeed to all of you ... now Back to the Future".
Sorrell has resigned under a cloud and his PR Companies are working overtime to protect the reputation of the world's largest advertising and communications group.
He owns shares in WPP worth more than £200m, while his annual remuneration packages - he earned £70m two years ago - have made him a target for critics of lavish boardroom pay.
As of past year, Sorrell was said to have a net worth of 495 million pounds, or over $700 million.
He had been under investigation by WPP but had rejected any claim of financial impropriety. "There is no other Sir Martin Sorrell in the world".
The era of advertising Sorrell ushered in has been about scale as a handful of big players - WPP, France's Publicis and Havas, Japan's Dentsu and New York-based Interpublic and Omnicom - have hoovered up smaller agencies.
The 73-year-old said in a statement: "As I look ahead, I see that the current disruption is simply putting too much unnecessary pressure on the business, our over 200,000 people and their 500,000 or so dependents, and the clients we serve in 112 countries".
"Mark and Andrew are both highly accomplished and experienced executives who have the board's complete confidence", Quarta said in an emailed note to employees, a copy of which was seen by Bloomberg.
Related News:
-
Cardi B admits she felt 'ambushed' by Nicki Minaj too
Since she has already announced a music video for the track, I'm confident that she will give it single treatment. Nicki also posted a video of herself and Quavo in the studio hinting that they are working on some new music.Beyoncé Reunites with Destiny's Child for Star-Studded Coachella Peformance
She then burst into her energetic set with " Crazy in Love ", followed by her hits "Freedom", "Formation", among others. Toward the end of Beyoncé's set, Solange joined her for an epic, highly-choreographed dance routine to "Get Me Bodied".Twins game postponed Friday due to snowy forecast
ET at Target Field, but a winter storm warning went into effect calling for the bulk of the snowfall to come Saturday afternoon. Reynaldo Lopez and Miguel Gonzalez were scheduled to start Friday and Saturday, respectively, for Chicago. -
Kathua-Unnao rape cases: Maharashtra Congress to hold candle-lit protests
In Uttar Pradesh's Unnao, a minor girl tried to commit suicide outside Chief Minister Yogi Adityanath's residence. Her body was found dumped in a forest near Rasana village seven days later.Blizzard forces diversion of Winnipeg Jets' flight from Minneapolis to Duluth
As a team, the Jets have been penalized 3.8 times per game overall this season, and 3.2 per game over their last five at home. Morrow was acquired at the trade deadline from Montreal in exchange for a fourth-round draft pick in the 2018 NHL Draft.NHL: Penguins start Stanley Cup Playoffs hot vs Flyers
Guentzel's power-play goal for a 4-0 lead was a play in which Elliott had just a slight hesitation in covering the far post. If the player does not play at least one game in the jersey, a pre-order may be cancelled and a full refund will be given. -
Substitute teacher ran classroom 'fight club' at high school, CT police say
On Dec. 18, a state police sergeant met with the superintendent and showed him a cellphone video from a concerned parent. When police obtained a warrant and reviewed the video clips, they saw what looked like two fights on two separate days.Judge bars immigration enforcement criteria for police grant
The ruling came Thursday after Los Angeles a sanctuary city filed a request for an injunction. Los Angeles was not awarded one of the grants in 2017.Nigeria moves five places up — Federation Internationale de Football Association rankings
Senegal are second on the continent but they dropped a spot to 28th in the world while DR Congo climbed a spot to 38th. Nigeria's group opponents, Argentina , Croatia and Iceland were ranked 5th, 18th and 22nd respectively. -
More Than 200 Cities Around The Globe Held "March For Science" Rallies
But that didn't deter those passionate about science. "We're hitting the ground running as soon as this march is over. Rochester March for Science organizers have put together a Day of Science with a noon rally in Martin Luther King Jr.Utah Retirement Systems Boosted Intuitive Surgical INC (ISRG) Position
Axa who had been investing in Teck Resources Ltd for a number of months, seems to be less bullish one the $ market cap company. Among 24 analysts covering Pentair Inc. (NASDAQ:ISRG) has "Overweight" rating given on Friday, October 20 by Morgan Stanley.Analysts Suggestion Alert: Ensco plc (ESV)
ILLEGAL ACTIVITY WARNING: "Ensco ( ESV ) Trading 0% Higher" was reported by StockNewsTimes and is owned by of StockNewsTimes. This is according to the analysts polled by Thomson Reuters which have recently published research reports on the firm.