WPP chief Martin Sorrell rejects allegations that he misused corporate assets of the UK-based ad/PR conglom.
The board of WPP on April 3 announced the hiring of an independent counsel to probe claims of "personal misconduct" by Sorrell.
The allegations "do not involve amounts that are material to WPP," the ad/PR conglom said in its statement.
In his statement, Sorrell denied financial wrongdoing. "I reject the allegation unreservedly but recognize that the company has to investigate it. I understand that this process will be completed shortly. Obviously, I shall play no part in the management of this investigation underway.
The 73-year-old Sorrell has led WPP since he used shopping carts maker Wire & Plastics as the corporate foundation for building the world's No. 1 communications company.
Last year, he led WPP to its worst financial performance since the 2009 global meltdown. The conglom reported a 0.9 percent drop in revenues.
Sorrell conceded that 2017 "was not a pretty year."
WPP maintains that it will conduct business as usual despite the distraction caused by the Sorrell probe. "Our work for clients is unaffected and continues uninterrupted," it said in an internal memo to executives.