Martin Sorrell's Grip on WPP Weakened by Misconduct Probe
- Board examines CEO’s conduct, says amounts ‘not material’
- Investigation highlights lack of succession planning
Advertising giant WPP Plc is a sprawling colossus of 130,000 employees at hundreds of agencies in 112 countries, but it’s still synonymous with one name: Martin Sorrell. Today, as ad spending shifts to the internet, Sorrell’s iron grip looks increasingly shaky -- a threat that was laid bare with reports of alleged personal misconduct and misuse of company assets.
Law firm Wilmer Hale, which WPP hired to investigate the issue, first interviewed Sorrell on March 29, according to a person familiar with the matter, who asked not to be identified as the details are private. Though the 73-year-old chief executive has denied the allegations and remains in his position, the board has an interim internal successor in mind in the event that he leaves the company, the person said.