WPP CEO quits after three decades building ad empire

16 April, 2018, 11:57 | Author: Salvatore Jensen
  • WPP CEO Martin Sorrell quits after 3 decades at top of ad world

Martin Sorrell, who built WPP into the world's biggest advertising agency through 33 years of dealmaking, quit on Saturday after an allegation of personal misconduct. While the timing was sudden (and perhaps calculated to limit immediate PR damage), his exit is not all that surprising.

The investigation into Sorrell has now concluded, WPP said, reiterating that the amounts weren't material. Below, a look at how his exit was greeted on social media.

He said he had 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".

Sources familiar with the situation said that the outcome of the investigation, which is being carried out by USA law firm WilmerHale for WPP chairman Roberto Quarta, will be available by the end of the week.

Brian Wieser, a senior analyst at Pivotal, has maintained its target price of £13.30 with a "buy" rating for WPP shares despite Sir Martin's departure.

"Yes he was relentless and richly rewarded - but let's not forget Sir Martin Sorrell built a global advertising empire from nothing", said Lionel Barber, editor of the Financial Times newspaper.




In March WPP reported its weakest annual results since the financial crisis, with Sir Martin describing 2017 as "not a pretty year" for the company even though pre-tax profits were just over £2bn. He is one of the most high profile, and best paid, executives in the country.

The acquisitions included the J Walter Thompson Group, the Young & Rubicam Group and the Ogilvy Group.

He previously worked at Saatchi & Saatchi, and was knighted in the Queen's New Year honours list in 2000.

The migration of advertising online and the encroachment into market research of consultancies such as Accenture have compounded the pressures.

Sorrell said in a statement late Saturday that he was sad to leave, with WPP having been his passion and focus for more than three decades.

It added that Sir Martin would be available to assist with the transition. "Good fortune and Godspeed to all of you...now Back to the Future".

Recommended:

  • IPL 2018: Warm Mumbai to host MI vs DD match

    IPL 2018: Warm Mumbai to host MI vs DD match

    The onslaught on the spin duo allowed DD to take a safer route against Jasprit Bumrah, Mustafizur Rahman and Krunal Pandya . Though Roy smashed a four and a six off the first two deliveries, Mustafizur bowled three consecutive dots balls.
    Based RNC Exec Resigns Over Payoff to Playboy Playmate

    Based RNC Exec Resigns Over Payoff to Playboy Playmate

    Both Cohen and Broidy were appointed to the post of Republican National Convention chairman in April 2017. Both agreements had separate side letters that listed the real names of the parties, this person said.
    Michael Cohen seeks restraining order on items seized by feds

    Michael Cohen seeks restraining order on items seized by feds

    Federal investigators confirmed on Friday that Cohen is indeed under criminal investigation . Judge Kimba Wood shouldn't agree, contended the U.S.
  • Chinese FM urges 'new future' for China-Japan ties

    Chinese FM urges 'new future' for China-Japan ties

    Wang, who will be in Tokyo until Tuesday, will also participate in the fourth China-Japan High-level Economic Dialogue. Economy Minister Toshimitsu Motegi is likely to lead the Japanese delegation, with his counterpart likely to be U.S.
    Williamson's 50 guides Hyderabad to victory over KKR

    Williamson's 50 guides Hyderabad to victory over KKR

    So, when Kane Williamson won the toss , it did not come as surprise when he invited Dinesh Karthik & Co.to bat first. Mavi bowled just the one over, conceding 10 runs in what turned out to be an overall disappointing game for KKR.

    Russia says Syria downs most of the missiles

    Syrian state TV said three civilians were wounded in Homs after "several" missiles were intercepted by Syrian air defense systems. Trump told the nation in his address the USA "cannot purge the world of evil or act everywhere there is tyranny".
  • Undertaker vs. Chris Jericho (Casket Match)

    Undertaker vs. Chris Jericho (Casket Match)

    Here is a video of TMZ Sports catching up with Lana and Rusev for comments about the upcoming match. The event streams live on the award-winning WWE Network with a tune-in time of 12 p.m.
    Turkey says was informed ahead of air strikes on Syria

    Turkey says was informed ahead of air strikes on Syria

    President Recep Tayyip Erdogan and British Prime Minister Theresa May discussed the latest developments in Syria over the phone on Saturday.
    Pot stocks surge on news Trump favours giving states latitude on legalization

    Pot stocks surge on news Trump favours giving states latitude on legalization

    Sessions's approach, USA attorneys in states where pot is legal were given approval to prosecute cases where they see fit. In protest of the memo's repeal, Gardner began blocking Justice Department nominees.
  • Why Iran is staying so quiet over Syria

    Why Iran is staying so quiet over Syria

    The French presidency issued a video on Twitter showing what it said were Rafale warplanes taking off as part of the intervention. The statement also accused Syria of providing military bases for Iran, putting its "territory, forces and leadership in danger".
    Taliban Kill a Governor and Overrun a Government Compound

    Taliban Kill a Governor and Overrun a Government Compound

    The province of Ghazni is located south of Kabul province, the seat of the country's capital, Kabul , and lies along a key route. The district governor Ali Dost Shams was killed in the attack along with 15 security force members and civilians.
    Trump, USPS and Amazon: What can be done?

    Trump, USPS and Amazon: What can be done?

    The task force will also review how the decline in mail volume is affecting the USPS, along with its work force and operations. A White House official said the presidential order was meant to come up with solutions to the problems at the Postal Service.


Popular

Activists worry United States airstrikes won't deter Assad: 'Mission not accomplished'
Russian Federation had also proposed a draft resolution condemning the US-initiated strikes of Syria which was only supported by China and Bolivia.

VW to give workers a board seat
Tensions flared in recent weeks between Mr Mueller and Lower Saxony's leadership, which is represented on the supervisory board. After-tax profit rose to 11.6 billion euros ($14.3 billion) previous year , on sales of 230.6 billion euros.

Aguero out for Manchester City vs
We don't depend on anyone else, and that's a good advantage", said Guardiola. "We can not forget he was two months injured". Cavaliers won against Golden State Warriors 4-3. "People talked a lot, not knowing exactly what happened before the game .

Russian Federation spies Skripals for five years
Also on Friday, Russia's London Ambassador Alexander Yakovenko held a press conference to further question Britain's conclusions about the incident.

BJP accepts resignation of ministers, Mehbooba to take final call
Lekhi said: "In Kathua rape case, a fair probe is going on and strictest action has been demanded against the culprits". He appealed the party leaders to observe fast in their respective constituencies along with a large number of people.

Manchester City takes EPL title battle to Spurs
Kane was adamant he got a touch on Eriksen's wicked free-kick at Stoke, which turned out to be the decisive moment in a 2-1 win. Pochettino does not think that beating City this time would prove they can compete for future titles.

Knicks will at least try to make Jay Wright their head coach
Mills and Perry apparently weren't pleased with the results, though they knew the Knicks were rebuilding with younger players. Perry was hired two weeks into free agency, which inevitably tied his hands as far as finding his own coach was concerned.

Harvey, Irma, Maria and Nate retired as hurricane names
Also Harvey, Maria and Nate will no longer be used to name hurricanes due to their deadly impacts throughout the Atlantic basin. In the USA , seven direct deaths were reported, and an additional 85 indirect deaths occurred, 80 of which were in Florida.

Reflections on the Current State of Facebook, Inc. (FB)
The social networking company reported $2.20 EPS for the quarter, topping analysts' consensus estimates of $1.96 by $0.24. As DowDuPont Inc . has a P/S, P/E and P/B values of 2.52, 77.79 and 1.53 respectively. (NASDAQ: FB ) for 5,499 shs.

IPL: Rajasthan Royals reign at home after the rain
Even a year ago , Samson had started off with a bang for Delhi , but along with his side, his personal form also waned. He was picked from the Registered Available Player Pool list and this will be his first outing in the VIVO IPL .