WPP CEO Martin Sorrell resigns in the wake of misconduct allegations
- WPP CEO Martin Sorrell resigned from the advertising company on Saturday.
- The move follows an investigation into allegations of improper behavior and misuse of assets.
- Sorrell has denied the allegations, but said Saturday that the "current disruption" was "putting too much unnecessary pressure on the business."
WPP CEO Sir Martin Sorrell announced Saturday he was stepping down from the advertising company in the wake of an investigation into allegations of improper behavior and misuse of assets.
He said in a letter to staff that the "current disruption" was "putting too much unnecessary pressure on the business," Reuters reported."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," he said.
Sorrell has previously denied the allegations to Business Insider but said he recognized the need for WPP to launch an investigation.
Sorrell was one of the more recognizable and outspoken figures in the advertising business, and recently garnered attention for taking a massive pay cut as WPP faces its worst growth prospects in roughly a decade. Sorrell led the British-based company for more than 30 years.
The traditional ad agency has been under tremendous pressure as the power in the industry has shifted to technology giants like Facebook and Google.
Meanwhile, the ad-agency sector as a whole has been accused of being less than supportive of women in leadership. For example, the Vice-owned creative agency Carrot is said to have fostered what many described as a hostile work environment for women.
Mike Shields and Tanya Dua contributed reporting.