WPP CEO Martin Sorrell stepped down Saturday from the massive agency holding company he founded in 1985 and where he had served as CEO since 1987.
WPP chairman Robert Quarta will be executive chairman until the new CEO is appointed.
Mark Read, CEO of Wunderman, and Andrew Scott, WPP’s corporate development director and Europe COO, will both serve as joint holding company chief operating officers.
Sorrell had been the subject of an investigation
alleging misuse of assets and of improper behavior. The misconduct allegation investigation had concluded, WPP said in a release Saturday.
The release provided no further detail.
Sorrell pioneered WPP into the digital age, investing in ad technology data and media ownership. However, WPP is now facing significant challenges
. In March, WPP reported its worst financial year
since the 2009 economic crisis, with revenues down .6% to $21.2
billion, and it predicted flat 2018 Revenue growth as clients cut marketing budget and pressured agency margins.
This post was syndicated from Ad Exchanger.