Sources familiar with the situation said that the outcome of the investigation, which is being carried out by U.S. law firm WilmerHale for WPP chairman Roberto Quarta, will be available by the end of the week. And our highly talented people have always won through, always.
Sir Martin is also likely to be allowed to retain on a pro rata basis significant amounts of unvested WPP stock which would be released, based on the company's performance, over the coming years, sources said.
Andrew Scott, WPP's corporate development director and Europe COO, and Mark Read, Wunderman CEO, will share the COO roles at WPP. I leave the Company in very good hands, as the Board knows. Said Sorrell in his note: "We have had a succession plan in place for some time. Nobody, either direct competitors or newly-minted ones can beat the WPP team, as long as you work closely together, whether by client and/or country or digitally", he further added. Sorrell will be available to assist with the transition.
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Even a first-generation Jewish immigrant at Britain whose parents first came from Kiev, Ukraine, " Mr. Sorrell got his big gap in advertising when he joined Saatchi & Saatchi in 1975.
Sorrell has resigned under a cloud and his PR Companies are working overtime to protect the reputation of the world's largest advertising and communications group. (He is renowned for holding conversations while texting with clients and friends.) Today, WPP can be a global advertisements behemoth with 130,000 workers in 112 countries, and a industry valuation of approximately 2-2 billion pounds, or about £ 31 billion.
Within a few years he had sealed a string of takeovers, snapping up such storied creative agencies as J. Walter Thompson and Ogilvy before moving into the cash cow of media planning and buying by creating Group M. Market-research firms and public relations groups such as Finsbury followed. In 2016 when he took a pay packet of 70 million pounds and the empire struck back with protests amongst the community about all his financial excesses.
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WPP act for some of the biggest consumer electronics and appliance Companies in the world, Sorrell was also one of the highest paid earning an annual salary of over $150M per year, the Company has said that a new CEO will be appointed shortly.
Said he: "I shall miss all of you greatly". Sorrell rejected the allegations and said his commitment to the company which he founded 30 years ago, remains absolute.
Sorrell's last few words in his farewell note will not only tug at WPP staff's heartstrings but nearly anyone's.
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"If WPP does well, I do well", he told the Press Association in April 2016.