The chief executive of the world’s largest advertising group abruptly resigned over the weekend, ending his decades-long run leading WPP, the agency he helped found, The New York Times reports.
The move by Martin Sorrell comes amid an investigation into alleged misconduct, the paper reports.
“In a statement, the London-based advertising behemoth said the change would take effect immediately. Roberto Quarta, the chairman of WPP, was named executive chairman until the company could appoint a new chief executive. The company said Mr. Sorrell would be ‘available to assist with the transition,'” The Times reports.
“The company’s statement also said Mr. Sorrell, 73, would be ‘treated as having retired’ and that his share awards would vest,” the report adds.
The company statement is quoted saying: “The previously announced investigation into an allegation of misconduct against Sir Martin has concluded. The allegation did not involve amounts that are material.”
The Times notes that the statement did not provide any further details about the investigation or its findings, nor did it disclose whether the investigation played a role in Sorrell’s resignation.