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etvfutures.com April 25, 2018


Sir Martin Sorrell steps down as WPP CEO

15 April 2018, 07:13 | Cesar Cruz

Sorrell'sad to leave WPP after 33 years

Sorrell 'sad to leave WPP after 33 years'

Sir Martin Sorrell is in line for nearly £20m in payouts from WPP over the next five years, as part of the deal struck to leave the advertising group he founded more than three decades ago. This means Sorrell will be eligible to receive payouts related to 1.6m shares in a number of award plans that will vest over the next five years.

WPP said the probe had concluded, adding that "the allegation did not involve amounts that are material". (He is renowned for holding conversations while texting with clients and friends.) Today, WPP is a global advertising behemoth with 130,000 employees in 112 countries, and a market valuation of around 22 billion pounds, or about $31 billion. The allegations are the improper use of company funds, and improper personal behaviour.

WPP CEO Martin Sorrell's resignation preempts what could have been an inglorious departure for someone who was the public face of the advertising industry writ large. He is thought to be receiving between £13m and £15m, the lower end of a maximum of £19m he could have earned due to the company reporting its worst performance since 2009.

Mr. Sorrell shaped WPP with an iron grip, and fashioned it in his own image.

WPP released a statement stating that the change would become effective immediately and that the advertising behemoth's chairman Roberto Quarta would become executive chairman until the company could appoint a new chief executive.

Yet as he fashioned himself as a superstar executive, Mr. Sorrell also came under sharp scrutiny - especially for his increasingly lavish pay packages, which came to symbolize boardroom excess in Britain. Meanwhile, CEO of Wunderman and WPP Digital, Mark Read, as well as WPP corporate development director and COO, Europe, Andrew Scott, have been appointed as joint COOs of WPP.

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The company will consider internal and external candidates for the top job in a process that could take several months.

For the past 33 years, I have spent every single day thinking about the future of WPP.

"The question to Quarta is how do we create shareholder value from this position". As some of you know, my family has expanded recently, WPP will always be my baby too.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.

Sorrell formed WPP from a shell company, Wire & Plastic Products PLC, establishing it as a marketing services group in 1986.

Sky News has learnt that WPP, which owns a string of global advertising and media buying networks supplying numerous world's biggest companies, is preparing to announce Sir Martin's departure as soon as Saturday night.



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