Martin Sorrell said on Saturday that he was stepping down as head of the British-based global advertising agency WPP.
In a letter to WPP staff, Sorrell said the “current disruption” was “putting too much unnecessary pressure on the business.”
He said he had decided that “in your interest, in the interest of our clients, in the interest of all shareowners, both big and small, and in the interest of all our other stakeholders, it is best for me to step aside.”
The world’s biggest advertising group sent shockwaves through the industry recently, when it said it was investigating an allegation of misconduct against Sorrell, raising the prospect that the founder of the British company could step down after more than 30 years in charge.
