Martin Sorrell, the powerful CEO who turned WPP into the world’s largest advertising and PR firm, has resigned after allegations of misconduct.
The misconduct reportedly involved misuse of company funds — though not at a level “material” to the massive organization — as well as “personal misconduct.”
WPP has completed its investigation into the allegations, but has not released any public details about what the allegations were, or whether they were substantiated. Sorrell has denied that the allegations have merit.
Sorrell “will be treated as having retired,” WPP says in a statement. The Guardian reports that Sorrell, 73, is due to receive in the neighborhood of £20 million ($28 million) as part of his exit.
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