WPP Looked at Possible Link to Prostitute -- WSJ
11 Giugno 2018 - 9:02AM
Dow Jones News
By Nick Kostov and Suzanne Vranica
This article is being republished as part of our daily
reproduction of WSJ.com articles that also appeared in the U.S.
print edition of The Wall Street Journal (June 11, 2018).
The WPP PLC board investigation that preceded the exit of Martin
Sorrell as chief executive addressed whether he used company money
for a prostitute, people familiar with the matter said.
The Wall Street Journal reported in April that the board of the
advertising giant was looking into an allegation of improper
personal behavior and whether its chief executive had misused
company assets, and that the board had retained a law firm for a
probe.
WPP said at the time the allegation didn't involve sums that
were material to the company. Mr. Sorrell said then that he
rejected the allegation "unreservedly."
Later that month, the British company said it had concluded its
investigation and that Mr. Sorrell had stepped down.
It is unclear what the probe determined.
In a statement Friday, a spokesman for Mr. Sorrell said, "When
Sir Martin Sorrell stepped down from WPP he signed a nondisclosure
agreement which he has adhered to and will continue to adhere
to."
"The Company has not disclosed details of the allegation of
personal misconduct against Sir Martin Sorrell because it is
prohibited by data protection law from giving such details," a WPP
spokesman said in a statement Friday. "Martin chose to resign after
conclusion of the investigation."
Under the terms of his departure, Mr. Sorrell, 73 years old, is
eligible to receive a maximum of some 1.6 million shares from
various long-term incentive programs. At WPP's current share price
of GBP12.16, the full awards are worth more than GBP19 million, or
more than $25 million. These shares will vest over the next five
years, according to WPP.
Mr. Sorrell, who didn't have a noncompete clause in his
contract, is planning to create an ad company.
Write to Nick Kostov at Nick.Kostov@wsj.com and Suzanne Vranica
at suzanne.vranica@wsj.com
(END) Dow Jones Newswires
June 11, 2018 02:47 ET (06:47 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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