The Chief Executive Officer of the famous advertising company WPP, Martin Sorrell, is stepping out of the company. Allegations have come up on him due to his personal misconduct. Martin Sorrell(WPP CEO), who had been working for WPP for past 33 years, had been accused of misusing company assets. He has resigned on the Saturday evening, 14th April 2018 after the investigation process ended.
Martin Sorrell had worked for the company with all his heart for past 33 years. His hard work and efforts had turned WPP into a global brand but was finally accused of misusing the company assets. He, however, had denied any wrong doing. Here signed on Saturday as the CEO of WPP after it was officially announced by the company that the investigation of the matter has been concluded.
The firm said that “the allegations did not involve amounts that are material.”
Sorrell resigned saying to the WPP staff “That is why I have decided that, in your interest, in the interest of our clients, in the interest of all shareholders both big and small and in the interest of all other stakeholders, it is best for me to step aside.”
Sources said that the Chairman of WPP, Mr. Robert Quarta will be heading the company until a new CEO will be chosen.
Martin Sorrell was named as the world’s second best performing CEO in 2017 by the Harvard Business Review. His sincere efforts had turned WPP into a worldwide provider of advertising, public relations and marketing services from a small manufacturer of wire baskets. He had done a series of takeovers which led to company’s prosperity.
Sorrell was even richly paid for his hard work also. He was the highest-paid CEO among FTSE 100 companies according to study of Chartered Institute of Personnel and Development and the High Pay Center, for the year 2015 and 2016.
Sorrell said in one of the press conferences in April in 2016, “If WPP does well, I do well. Most of my wealth, if not all of I, is and has been for the last 31 years tied up in the success of WPP. So, if WPP does well, I do well, and others in the company do well. If we do badly, we suffer.”