WPP CEO Martin Sorrell faces 'personal misconduct' investigation

WPP is investigating an allegation of personal misconduct against its chief executive Martin Sorrell.

“The Board of WPP has appointed an independent counsel to conduct an investigation in response to an allegation of personal misconduct against Sir Martin Sorrell, Chief Executive Officer of WPP,” said WPP in a statement.

While the investigation is ongoing, the holding company said, “The allegations do not involve amounts which are material to WPP.”

The statement did not address the nature of allegation while confirming the investigation into the personal misconduct allegation. However, the Wall Street Journal citing sources said that the holding company was looking into possible misuse of company assets by Sorrell. The company has hired an anonymous law firm to conduct an independent inquiry.

The allegations about Sorrell were first reported on Tuesday by the WSJ.

Sorrell, the chief executive of the company for more than three decades, saw a big pay cut this year, leaving him with his lowest total package since 2011. The 73-year-old saw his remuneration fall from £48 million in 2016 to £15 million for 2017 following a tough financial year for the ad giant.