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Sorrell quits as CEO of ad firm WPP

Sorrell quits as CEO of ad firm WPP

And last month amidst slowing down of revenues and income and the growing clout of the FANGS - the board commenced an investigation charging Sorrell with personal misconduct and misuse of the company's assets. It said in a statement that "the allegations do not involve amounts which are material to WPP". Sorrell was set to join the rest of the board early next week for scheduled meetings ahead of the company's quarterly results, making a quick resolution of the probe nearly inevitable. "However, I believe it is in the best interests of the business ...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....the current disruption is putting too much unnecessary pressure on the business".

Mr Sorrell is among the most influential advertising professionals globally and also the longest-serving FTSE-100 chief executive, who has run WPP since setting up the business in 1985.

The statement did not give any details of the allegations he faced during the investigation.

In the end, it was the trends in world business that wrong-footed the sprawling empire he created.

"Shareholders were getting restless", he wrote, and Sorrell "had lost the unanimous backing of the board". Roberto Quarta, chairman of WPP, becomes executive chairman until the appointment of a new CEO.

Beyond its marketing services and PR operations - of which WPP's global media agency powerhouses such as MediaCom have been the engine of its profits and revenue growth - DeGroote says there is a "treasure trove of hidden value" on WPP's balance sheet worth billions of pounds that is not reflected in its core profits.

Saudi King Salman inaugurates 'Jerusalem Summit' in Dhahran
Syria serves today as a major pivot between Saudi Arabia and its allies on the one hand, and Iran and Hezbollah on the other. Saudi King Salman bin Abdulaziz Al Saud referred to the Palestinian issue as the top agenda of the Arab meeting.

"During this time, the company has been successful because it has valued and nurtured outstanding talent at every level".

He had been under investigation by WPP but had rejected any claim of financial impropriety.

Born in London, Sorrell studied economics at the University of Cambridge and then gained a masters from Harvard University. He took a United Kingdom manufacturer of wire baskets and built it into a worldwide provider of advertising, public relations and marketing services through a series of takeovers.

The firm has grown into one of the world's largest communications groups and now employs more than 200,000 people in some 3,000 offices, across 112 countries.

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

According to research from the High Pay Centre think tank Sorrell was Britain's best-paid boss in 2015, with a package of more than £70 million that year.


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