Martin Sorrell, architect & CEO of WPP, resigned today following the probe launched earlier this month into allegations of his "personal misconduct" and misuse of corporate assets.
Roberto Quarta, chairman of WPP, moves into the executive chairman slot until a replacement for Sorrell is announced.
Sorrell's departure wraps up the investigation, "which did not involve amounts that are material," said a statement from WPP.
Quarta called Sorrell "the driving force behind the expansion of WPP to create the global leader in marketing services."
Sorrell, via a statement from his crisis PR rep Project Associates, said he's sad to leave WPP. “It has been a passion, focus and source of energy for so long. However, I believe it is in the best interests of the business if I step down now. I leave the company in very good hands, as the Board knows.”
Andrew Scott, WPP's corporate development director and Europe COO, and Mark Read, Wunderman CEO, will share the COO roles at WPP.
“Mark and Andrew and the management team at all levels have the knowledge and abilities to take WPP to even greater heights and capitalize on the geographic and functional opportunities," said Sorrell. "I will particularly miss the daily interactions with everyone across the world and want to thank them and their families for all they have done, and will do, for WPP.”