Ad king Sir Martin Sorrell steps down from WPP following misconduct investigation

There’s big news in the world of advertising. Sir Martin Sorrell has stepped down from WPP, the world’s largest ad business.

Sorrell had been in the midst of an unspecified investigation about “personal misconduct and misuse of company assets.” He has denied the allegations.

WPP provided us with the following statement.

“Sir Martin Sorrell has stepped down as Chief Executive Officer of WPP with immediate effect. Robert Quarta, Chairman of WPP, becomes Executive Chairman until the appointment of a new Chief Executive Officer…Sir Martin will be available to assist with the transition. The previously announced investigation into an allegation of misconduct against Sir Martin Sorrell has concluded. The allegation did not involve amounts that are…

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