WPP investigates allegations of misconduct against CEO Martin Sorrell
Leading ad network WPP has constituted an individual counsel to investigate allegations of “personal misconduct” against its Founder and CEO Martil Sorrell.
As per a Wall Street Journal report, Sorrell is under the scanner for misusing company assets as well as allegations of “improper personal behaviour”. According to various media reports, WPP has accepted via a statement that a probe is being carried out by an independent counsel against Sorrell. The statement further said that “the amounts involved weren’t material to the company”.
Meanwhile, Sorrell has also issued a statement where he has denied the allegations of “financial impropriety”.
The development comes on the back of what has been described as WPP’s worst performance in growth terms since 2009. The ad giant reported a 0.9 per cent fall in revenues to £15.2 billion in its results for 2017.
So far, Sorrell has been considered one of the most powerful advertising honchos globally and has been at the helm as WPP’s CEO since 1986. He led the then little known British plastics manufacturer – Wire and Plastics Products – into a giant advertising network. Sorrell was knighted in 2000.