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WPP has confirmed that its board is investigating its CEO, Martin Sorrell, in response to undisclosed alleged "personal misconduct."

"The Board of WPP has appointed independent counsel to conduct an investigation in response to an allegation of personal misconduct against Sir Martin Sorrell, Chief Executive Officer of WPP," the world's largest agency holding company said in a statement. "The investigation is ongoing. The allegations do not involve amounts which are material to WPP."

Sorrell responded to the allegations in an emailed statement through a communications consultancy Projects Associates, which said it acts for the executive "in his personal capacity."

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