It's the end of an era for one limelight seeking CEO.
Embattled WPP Group (WPP) CEO Martin Sorrell, no stranger to business news channels and fat annual compensation checks, has quit as CEO. Below is a statement from Sorrell obtained by TheStreet.
The departure marks a stunning downfall for one of the advertising industry's most well-known figures. WPP recently begun an independent investigation into Sorrell after reports of personal misconduct and inappropriate use of company funds. Sorrell denied allegations, and made no mention of them in his letter to employees.
For the past 33 years, I have spent every single day thinking about the future of WPP
Over those decades, our family has grown and prospered.
We welcomed J. Walter Thompson, Ogilvy, Young & Rubicam, Grey, 24/7 Real Media, Taylor Nelson Sofres, among so many others.
We created GroupM, including Xaxis and Essence.