Martin Sorrell , the 73-year-old founder of advertising giant Sorrell , has stepped down as CEO amid an investigation into an allegation of personal misconduct. WPP's stock has dropped more than 30% over the past 12 months following a string of disappointing financial results. WPP said the findings of the internal probe would remain confidential. WPP , who founded the world's largest advertising firm the past year , denies the allegations but said the situation was placing “too much unnecessary pressure on the business”. WPP stock has fallen by a third in three decades ago . Martin Sorrell , WPP chairman, will serve as executive chairman until a new CEO is appointed.
Martin Sorrell , the 73-year-old founder of advertising giant Sorrell , has stepped down as CEO amid an investigation into an allegation of personal misconduct. WPP said the findings of the internal probe would remain confidential. WPP , who founded the world's largest advertising firm the past year , denies the allegations but said the situation was placing “too much unnecessary pressure on the business”. WPP stock has fallen by a third in three decades ago . Martin Sorrell , WPP chairman, will serve as executive chairman until a new CEO is appointed.