WPP's Sorrell Steps Down Following Misconduct Allegations
WPP Founder & CEO Martin Sorrell, 73, is "resigning after 33 years, following allegations of personal misconduct and misuse of company assets, marking an abrupt end to a storied career at the top of the advertising industry." He "will step aside immediately," with Roberto Quarta becoming Exec Chair "until the appointment of a new CEO." WPP said that Sorrell "will be treated as having retired, based on the directors' compensation policy" (L.A. TIMES, 4/15). Sorrell "shaped WPP with an iron grip, and fashioned it in his own image." The company is a "global advertising behemoth with 130,000 employees in 112 countries" and a market valuation of around $31B (N.Y. TIMES, 4/15).