Sorrell has been at the helm of WPP since '86 and has long been regarded as a leader in the ad industryGetty Images
The board of advertising conglomerate WPP is looking into whether Founder & CEO MARTIN SORRELL "misused company assets," and if "allegations of improper personal behavior" are true, according to sources cited by Vranica & Kostov of the WALL STREET JOURNAL. A WPP spokesperson said that the company has "appointed an independent counsel to probe 'an allegation of personal misconduct'" against Sorrell. In a statement, Sorrell "denied financial impropriety." Sorrell: "I reject the allegation unreservedly but recognize that the company has to investigate it. I understand that this process will be completed shortly. Obviously, I shall play no part in the management of the investigation under way." Sorrell has "been at the helm of WPP" since '86. He has been "long-regarded as an oracle of the ad industry" (WALL STREET JOURNAL, 4/4). CNBC’s Julia Boorstin said Sorrell is “under investigation at a time when his ad empire and the entire ad industry is under pressure.” She added Sorrell is “considered the leader of the ad industry” and he has been “praised for managing various transitions over the ad industry.” Boorstin: “It’s interesting to point out at what point this is coming in WPP's history. Right now, WPP is under a lot of pressure. It just reported its worst quarter since the financial crisis and the worst is that outlook. They said they don't expect growth in 2018.” Boorstin noted Sorrell has also faced “criticism for his big pay package and there is a lot of questions of what's next for the company” (“Squawk Box,” CNBC, 4/4).
