WPP CEO Martin Sorrell resigns after misconduct investigation

Sir Martin Sorrell today resigned as CEO of WPP, the world’s largest advertising agency holding company, after an internal company investigation into his personal conduct.

The 73-year-old Sorrell founded WPP 33 years ago, and grew it to more than 200,000 employees in more than 100 countries. Sorrell said in a statement: “Obviously I am 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.”

The Wall Street Journal first reported on April 3 that WPP was looking into allegations that Sorrell had misused company assets in addition to a personal misconduct complaint.

In a statement, the company said Sorrell’s departure is being treated as a retirement, and Roberto Quarta, WPP’s chairman, will become executive chairman while a search for a permanent successor is underway. Mark Read, chief executive of WPP agency Wunderman, and Andrew Scott, WPP corporate development director and chief operating officer, Europe, have been appointed as joint-chief operating officers of the company.