WPP Chief Sir Martin Sorrell Steps Down

WPP Chief Sir Martin Sorrell Steps Down
SHARE
THIS



The CEO of the world’s largest ad agency network, Sir Martin Sorrell, has stepped down from his post, effective immediately.

Sorrell’s resignation from WPP comes after the company announced an investigation into “alleged personal misconduct” against him.

“The previously announced investigation into an allegation of misconduct against Sir Martin has concluded,” a statement by WPP said.

“The allegation did not involve amounts that are material.”

Sorrell had “unreservedly” rejected the allegation that he misused company assets.

WPP chairman Roberto Quarta has become executive chairman until the appointment of a new CEO.

Mark Read, CEO of Wunderman and WPP Digital; and Andrew Scott, WPP’s corporate development director and chief operating officer for Europe; have been appointed as joint chief operating officers of WPP. Sorrell will be available to assist with the transition.

Adland’s most well-known figure said in a statement he was 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,” Sorrell said.

“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.”

Quarta said Sorrell 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,” he said.

“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.”

In accordance with his at-will employment agreement, WPP said Sorrell will be treated as having retired on leaving the company, as detailed in the directors’ compensation policy.

“His share awards will be pro-rated in line with the plan rules and will vest over the next five years, to the extent group performance targets are achieved,” WPP said.

Please login with linkedin to comment

martin sorrell sir martin sorrell WPP

Latest News

Coke Releases New Campaign, ‘Turn Up Your Break’, Via Ogilvy
  • Advertising
  • Campaigns

Coke Releases New Campaign, ‘Turn Up Your Break’, Via Ogilvy

Coca-Cola Australia has rolled out its new campaign ‘Turn Up Your Break’. The campaign will be led by a TVC that encourages people to truly pause with a Coke on their break so they can walk away feeling refreshed and uplifted. The TVC features two busy chefs stepping outside for a break, the bustling kitchen […]

Nova 91.9’s Ben And Liam Locked Up In Rundle Mall To Raise Awareness For Mental Health
  • Marketing
  • Media

Nova 91.9’s Ben And Liam Locked Up In Rundle Mall To Raise Awareness For Mental Health

Nova 919’s Ben & Liam breakfast show announced that they’ll be throwing their support behind and raising awareness for a cause very close to their hearts, mental health. On Monday 21 June Ben Harvey and Liam Stapleton will be locked in a purpose-built glass structure, in the middle of Rundle Mall, for an entire week […]

iHeartPodcast Network Australia And The New York Times Agree Podcast Ad Sales Deal
  • Advertising
  • Media

iHeartPodcast Network Australia And The New York Times Agree Podcast Ad Sales Deal

ARN and The New York Times have reached an agreement for ARN to become the advertising sales representative for The New York Times’s podcast portfolio in Australia. The deal will enable Australian brands to connect with Australian listeners to The New York Times’s most popular podcasts, such as The Daily, Serial and This American Life, […]

Verizon Media Academy Ends For 2021 With Youth Charity Pitch-Off
  • Advertising
  • Media

Verizon Media Academy Ends For 2021 With Youth Charity Pitch-Off

Verizon Media’s talent program has come to an end for the third year, closing with a hybrid pitch-off event for Musicians Making A Difference (MMAD). The Verizon Media Academy class of 2021, made up of 44 emerging leaders from across Australia and New Zealand media, advertising and marketing industry, were given just one hour to […]

Industry’s Gamers Unite For UnLtd’s Virtual Rocket League Comp
  • Advertising
  • Marketing
  • Media

Industry’s Gamers Unite For UnLtd’s Virtual Rocket League Comp

Social purpose organisation UnLtd’s Big Games competition has raised a combined $85,000 for children and young people at risk. Running over five weeks, the competition involved 32 teams from across the advertising, marketing and media industries battling it out virtually for a chance to qualify for the Rocket League final. The tournament culminated in a […]

Sam Worthington And Phoebe Tonkin To Star In New Stan Original Film ‘Transfusion’
  • Media

Sam Worthington And Phoebe Tonkin To Star In New Stan Original Film ‘Transfusion’

Stan has announced that the Stan Original Film Transfusion commenced filming in Sydney earlier this week and will premiere on Stan in 2022. Transfusion is a taut, muscular thriller starring Sam Worthington (Avatar) as Ryan Logan, a former Special Forces operative, who is battling to cope with life after the loss of his wife and is thrust […]

COVID-19 Saw Stock Imagery Return To Harmful Gender Stereotypes
  • Advertising
  • Marketing

COVID-19 Saw Stock Imagery Return To Harmful Gender Stereotypes

According to a decade of data collected by iStock, Australian brands turned to imagery depicting outdated gender stereotypes during the pandemic. Tracking the keyword ‘women’, iStock by Getty Images found that in 2020, ANZ brands and businesses reverted to gender stereotypes. Images of mothers home-schooling were used at almost twice the rate of images of […]

by B&T Magazine

B&T Magazine