newsmoments.net
newsmoments.net June 22, 2018


Sorrell Denies Allegations Behind WPP Investigation Into Misuse Of Funds

05 April 2018, 01:19 | Lorenzo Hawkins

Eamonn M. McCormack Getty Images

Martin Sorrell

WPP's long-time chief executive Sir Martin Sorrell is now being investigated by the company for alleged misuse of assets and improper personal conduct.

Sorrell, in response to WPP's announcement, said he rejected the allegation "unreservedly" but recognized that the company had to investigate. The ad giant noted that the allegations did not involve amounts which are material to the company. However, the Wall Street Journal citing sources said that the holding company was looking into possible misuse of company assets by Sorrell.

Sir Sorrell has been at the helm of WPP since its formation in media services back in 1989, overseeing its rise to become the largest advertising firm in the world.


The firm, WPP Plc, is investigating allegations of personal misconduct by the 73-year-old Sorrell.

The world's largest advertising agency is investigating an allegation of personal misconduct against its chief executive.

The company has struggled lately on the growth front, turning in its worst year in a decade in 2017 with financial guidance that does not foresee much improvement until at least 2019. "I understand that this process will be completed shortly".


"What we would like as a house is to see a clear step of succession planning", said Ketan Patel, a fund manager at Edentree Investment Management Ltd., a WPP shareholder. "As a significant share owner, my commitment to the company, which I founded over 30 years ago, remains absolute".

WPP maintains that it will conduct business as usual despite the distraction caused by the Sorrell probe.

Earlier this week WPP settled a lawsuit brought by an employee that alleged racist and sexist behaviour by a top executive at one of the advertising giant's premier agencies, ending a legal dispute that had been ongoing for some time. Sorrell has never given any indication that he may be ready to step back.


"It's never good when your CEO or any part of the leadership team is being investigated", Edentree's Patel said.



Other News

Trending Now

Sessions Has Made a Decision About Appointing a Second Special Counsel
Horowitz's investigation comes at the request of Attorney General Jeff Sessions and congressional Republicans. Sessions said he receives regular updates from Huber.

Tottenham star Dele Alli taunts Chelsea after Stamford Bridge win
And all the hard work was achieved with Harry Kane on the bench. "I'm very happy for him because he played very well". The post Beating Chelsea At Stamford Bridge Is A Great Feeling- Dele Alli appeared first on 360Nobs.com .

A Warning For Synthetic Marijuana Users
Anyone who has a serious reaction to synthetic marijuana should call 911 or immediately go to a hospital, the IDPH said. It also does not have an odor and it is not typically detected on urine drug tests, he said.

SpaceX to Launch Falcon 9 Rocket From Vandenberg Air Force Base Friday
SpaceX launched10 Iridium-5 Next satellites from its Falcon 9 rocket Friday at Vandenberg Air Force Base in California. The launch was rescheduled for Saturday at first but after the issue was resolved the mission was moved back to Friday.

Apple hires Google's former head of AI in bid to catch up
Currently, both Google and Facebook are powerhouses when talking about AI, followed by Amazon and Microsoft . Craig Federighi, a senior software executive at Apple , took over the Siri division past year .

John Krasinski's Kids Made Him Want To Direct New Film
So whose suit would you like to see Krasinski fill? "I very much understand both sides". Actress Emily Blunt said having kids completely changed her as a person.

Isner routs del Potro to reach Miami Open final
A precise backhand down the line put him 40-15 ahead and the second break point was converted with a delicate touch at the net. Unlike Isner, Zverev was challenged in the opening set and needed a tightly contested tiebreak to seize early momentum.

Desperate to Regain Trust, Facebook Refreshes Privacy Tools
This includes posts you've shared or reacted to, friend requests you've sent, and things you've searched for on Facebook . The head of the committee called Mr Zuckerberg's decision "astonishing" and urged the social media mogul to think again.

Mariners hopeful C Mike Zunino not sidelined for long
Trevor Bauer wasn't sharp, their relievers kept giving up home runs and they couldn't get Edwin Encarnacion to the plate enough. A few hours before the Thursday night opener, they learned catcher Mike Zunino would sit out with a slight oblique strain.

White House Among 'potential venues' For Summit
The talks were in preparation for Trump's meeting with Putin which took place at the Group of 20 summit in Hamburg in July 2017. The White House is opening the gates for its biggest social event of the year, the annual Easter Egg Roll .