Martin Sorrell on Saturday stepped down as CEO of WPP following an internal investigation into misconduct, ending a 33-year career at the world's largest agency holding company.
The company announced that WPP Chairman Roberto Quarta would take over as executive chairman until a new CEO is appointed. Mark Read, CEO at Wunderman and WPP Digital, and Andrew Scott, WPP's corporate development director and chief operating officer for Europe, were appointed chief operating officers of WPP.
In a statement, Sorrell, 73, said he had decided it was best for him to step aside in the interest of the company, clients, shareholders and all other stakeholders. "As a founder, I can say that WPP is not just a matter of life or death, it was, is and will be more important than that," he said. "Good fortune and Godspeed to all of younow Back to the Future."