WPP chief executive Sir Martin Sorrell has stepped down after 33 years following a series of allegations relating to personal misconduct and misuse of company assets.
Company chairman Roberto Quarta has been named executive chairman until a replacement chief executive can be found.
Mark Read, chief executive officer of Wunderman and WPP Digital, and Andrew Scott, WPP corporate development director and chief operating officer, Europe, have been appointed as joint chief operating officers of WPP.
All changes will be effective immediately.
“Obviously I am sad to leave WPP after 33 years,” said Sir Martin. “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.”
The company confirmed that the investigation into allegations has been concluded, but did not reveal the findings.