Martin Sorrell Steps Down as Head of Advertising Giant WPP Amid Investigation into Misconduct

“As I look ahead, I see that the current disruption we are experiencing is simply putting too much unnecessary pressure on the business,” Sorrell tells staffers in parting memo

Sir Martin Sorrell WPP
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Martin Sorrell has stepped down as head of WPP, the world’s biggest advertising firm, the company told TheWrap on Saturday.

“Obviously I am sad to leave WPP after 33 years. It has been a passion, focus and source of energy for so long. However, I believe it is in the best interests of the business if I step down now,” said founder and CEO Sorrell in a statement.

Sorrell became one of the highest paid executives in the world during his three decades at WPP, building the firm into an advertising and marketing powerhouse. But Sorrell’s future with the company has been in peril since earlier this month when the firm started investigating the chief exec for misuse of funds and “personal misconduct.”

In a parting memo to WPP’s 200,000 employees obtained by AdAge, Sorrell explained that the firm’s “current disruption” has come from “putting too much unnecessary pressure on the business.”

“As I look ahead, I see that the current disruption we are experiencing is simply putting too much unnecessary pressure on the business, our over 200,000 people and their 500,000 or so dependents, and the clients we serve in 112 countries,” Sorrell wrote.

“That is why I have decided that 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.”

Sorrell stressed, however, that the firm can thrive, despite recent roadblocks, after his exit.

“We have weathered difficult storms in the past. And our highly talented people have always won through, always,” said Sorrell. “Nobody, either direct competitors or newly-minted ones can beat the WPP team, as long as you work closely together, whether by client and/or country or digitally.”

The firm is treating it as if Sorrell retired, and he will be awarded stock over the next five years as part of his departure. Meanwhile, WPP Chairman Roberto Quarta will run the agency until a new CEO is chosen.

Beyond its advertising strength, WPP has been a presence in Hollywood as well — with the firm investing in The Weinstein Company in 2005.

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