Sir Martin Sorrell quits WPP

Sir Martin Sorrell has overseen the transformation of WPP from a small maker of shopping trolleys to a global advertising giant

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.

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