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Martin Sorrell Resigns as Chief of WPP Advertising Agency

The company said Mr. Sorrell would be “available to assist with the transition.” The company’s statement also said Mr. Sorrell, 73, would be “treated as having retired” and that his share awards would vest. “The previously announced investigation into an allegation of misconduct against Sir Martin has concluded,” the statement said. “The allegation did not involve amounts that are material.” On April 3, the board of WPP said it had appointed an independent counsel to investigate an allegation of what it called “personal misconduct” against Mr. Sorrell. Richard Oldworth, a spokesman for WPP, said on Saturday that he could not comment beyond the company statement. But in a separate statement to employees on Saturday, Mr. Sorrell made note of a “current disruption” that he argued “is simply putting too much unnecessary pressure on the business.” “That is why I have decided that in your interest, in the interest of our clients, in the interest of all share owners, both big and small, and in the interest of all our other stakeholders, it is best for me to step aside,” he said. “We have weathered difficult storms in the past.

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