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Martin Sorrell steps down as CEO of advertising giant WPP
Martin Sorrell is stepping down as chief executive of WPP, the world's largest advertising agency, following allegations of personal misconduct.
Sorrell, who built WPP into a global brand during his 33 years at the helm, had been accused of misusing company assets. He has denied any wrongdoing.
Sorrell resigned Saturday night as WPP announced that an investigation into the matter had concluded, with the firm saying only that "the allegation did not involve amounts that are material."
"As I look ahead, I see that the current disruption is simply putting too much unnecessary pressure on the business," Sorrell said in a statement to WPP staff. "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."