WPP boss Martin Sorrell ‘unreservedly’ rejects misconduct claim
The boss of WPP, of one of the worlds largest marketing groups, Sir Martin Sorrell, has rejected allegations of personal misconduct.
The statement from Sorrell come after it was revealed WPP has appointed an independent counsel to investigate the claims of “personal misconduct”.
In a statement reported AdAge, Sorrell rejected the allegation, stating: “Reports in the media have stated that WPP is investigating an allegation of financial impropriety by me, specifically as to the use of company funds.
“This allegation is being investigated by a law firm. I reject the allegation unreservedly but recognise that the company has to investigate it. I understand that this process will be completed shortly.
Sorrell says he rejects the allegations “unreservedly”
“Obviously, I shall play no part in the management of the investigation under way. As a significant share owner, my commitment to the company, which I founded over thirty years ago, remains absolute – to our people, our clients, our shareholders and all of our many stakeholders. I do not intend to make any further statement at this time.”
As first reported in The Wall Street Journal, WPP will be looking into whether the CEO of 33 years misused company assets and conducted “improper personal behaviour” as part of its investigation.
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I suspect that SMS has a number of ‘frenemies’ on the WPP board and in the wider investor community that have been waiting for the right moment. With the WPP share price back to 2013 GFC levels (down 23% since mid-Feb), looks like the night of the long knives is upon him. If the share price was flying I doubt very much this investigation would have been sprung.
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