WPP Board Probing Misuse Of Assets And Improper Behavior By Sorrell

WPP Board Probing Misuse Of Assets And Improper Behavior By Sorrell

The board of WPP is now investigating claims of "personal misconduct", as well as the misuse of company assets, made against CEO Martin Sorrell, reports the Wall Street Journal.

WPP launch an independent investigation into misconduct allegations. "I reject the allegation unreservedly but recognize that the Company has to investigate it".

"I understand that this process will be completed shortly", he said in a statement. Although details are thin on the ground at this time, reports indicate that WPP is also exploring whether Sorrell misused company assets.

WPP the global advertising and marketing partner to some of the world's biggest consumer electronics and appliance brands, is investigating their CEO Martin Sorrell who has been accused of "personal misconduct" at the same time U.S. authorities are running a separate investigation.

That issue was not addressed in the company's statement, which only confirmed an investigation into the personal misconduct allegation.

Italy Manufacturing Growth At 8-Month Low
Manufacturers raised their selling prices but the rate of charge inflation eased for the second month to the weakest in six months.

Sorrell, 73, has led the UK-based WPP for more than 30 years, building what was initially a shopping basket maker into the world's largest advertising agency holding company.

Sorrell conceded that 2017 "was not a pretty year".

In a separate statement, Sorrell acknowledged that an investigation is ongoing, but denied any impropriety. This allegation is being investigated by a law firm. With the advertising space becoming increasingly dominated by the likes of Google and Facebook, many companies are choosing to avoid agency fees by moving their marketing in-house. On Wednesday, WPP fell 2 percent in London trading, giving the company a market value of about 14 billion pounds.

"What we would like as a house is to see a clear step of succession planning", said Ketan Patel, a fund manager at Edentree Investment Management Ltd., a WPP shareholder.

"It's never good when your CEO or any part of the leadership team is being investigated", Edentree's Patel said.

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