Sir Martin Sorrell has resigned from his post as CEO WPP with immediate effect. According to a statement from WPP, Chairman Roberto Quarta, has taken over as the executive chairman until the appointment of a new CEO.
The 73-year-old founder of WPP resigned ahead of an investigation into alleged 'personal misconduct and misuse of company assets', which he has denied.
"As I look ahead, I see that the current disruption we are experiencing is simply putting too much unnecessary pressure on the business, our over 200,000 people and their 500,000 or so dependents, and the clients we serve in 112 countries. That is why I have decided that in your interest, in the interest of our clients, in the interest of all shareowners, both big and small, and in the interest of all our other stakeholders, it is best for me to step aside," he said in the statement.
Sorrell also mentioned that a new generation of management, led by Mark Read and Andrew Sorrell WPP corporate development director and COO, Europe, have been appointed as joint chief operating officers of WPP.
"We have weathered difficult storms in the past. And our highly talented people have always won through, always. Nobody, either direct competitors or newly-minted ones can beat the WPP team, as long as you work closely together, whether by client and/or country or digitally," he further added.
Sorrell, who will continue to be available to the board with his valued guidance signed off saying, "As a Founder, I can say that WPP is not just a matter of life or death, it was, is and will be more important than that. Good fortune and Godspeed to all of you...now Back to the Future. Thank you."