WPP shares plunge as Sir Martin Sorrell quits

Shares in advertising giant WPP plunged around 5 per cent in early trading today following the news that its chief executive Sir Martin Sorrell was stepping down.

Sorrell had said in a statementover the weekend that he would be stepping down from the world’s largest advertising agency amid allegations of personal misconduct through the misuse of company assets.

73-year-old Sorrell had stated: “The current disruption we are experiencing 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.

“As a founder, I can say that WPP is not just a matter of life or death, it was, is and will be more important than that. Good fortune and Godspeed to all of you … now Back to the Future.”

In a statement, WPP has said: “The previously announced investigation into an allegation of misconduct against Sir Martin has concluded. The allegation did not involve amounts that are material.”