Economy

Ad firm WPP probes CEO for alleged misconduct

Ad firm WPP probes CEO for alleged misconduct

WPP's board is also looking into whether Sorrell misused company assets, the Journal said, citing unnamed sources.

British advertising group WPP Plc (WPP.L) said on Tuesday it is conducting an investigation in response to an allegation of personal misconduct against its chief executive, Martin Sorrell. The allegations do not involve amounts which are...

WPP's investigation began sometime last week and is ongoing, a representative confirmed. The executive did not respond to the Journal's multiple requests for comment via both text messages and email, and WPP declined to comment for the publication's story.

WPP has hired a law firm to investigate "an allegation of personal misconduct against Sir Martin Sorrell", according to a statement from the firm.

More news: Trump targets drug prices for Medicare beneficiaries

The investigation comes a month after WPP - the world's largest holding company - posted its biggest stock decline in nearly 20 years and predicted no growth for 2018. "I understand that this process will be completed shortly".

Sorrell, who runs the company from London, has since issued a statement "in his personal capacity" to AdAge refuting any suggestion of "financial impropriety". "I do not intend to make any further statement at this time".

The conglomerate, which own 400 agencies including Ogilvy & Mather, said that sales will be flat this year, and long term earnings growth could drop as low as 5%.


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