StockMarketWire.com - WPP confirmed that chief executive Martin Sorrell had stood down following an investigation by the company into alleged misconduct.

The advertising company didn't reveal what Sorrell had done, other than to state that 'the allegation did not involve amounts that are material'.

The announcement of Sorrell's departure was originally issued on Saturday.

Chairman Roberto Quarta would fill the CEO role on an interim basis as executive chairman while a permanent replacement was identified.

Mark Read, CEO of units Wunderman and WPP Digital, and Andrew Scott, head of the company's European operations, had been appointed as joint chief operating officers.

Sorrell said: 'Obviously I am sad to leave WPP after 33 years. 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.'

Quarta said Sorrell had been the driving force behind WPP's expansion and thanked him for his 'commitment to the business over more than three decades'.



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