Martin Sorrell, the 73-year-old founder of advertising giant WPP, 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. Mr. Sorrell was a board member, but he didn't have access to the briefings and was instead being kept informed of developments by his lawyers, the person close to Mr. Sorrell said. The company also announced that it had fired its chief financial officer, John Chambers, and a senior vice president for corporate development. WPP stock has fallen by a third in the past year. Roberto Quarta, WPP chairman, will serve as executive chairman until a new CEO is appointed.
Martin Sorrell, the 73-year-old founder of advertising giant WPP, 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. The company also announced that it had fired its chief financial officer, John Chambers, and a senior vice president for corporate development. WPP stock has fallen by a third in the past year. Roberto Quarta, WPP chairman, will serve as executive chairman until a new CEO is appointed.