Monday Wake-Up Call: The abrupt end of the Martin Sorrell era. Plus, Starbucks does damage control
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Welcome to Ad Age’s Wake-Up Call, our daily roundup of advertising, marketing, media and digital news. What people are talking about today: Martin Sorrell, CEO of WPP, has resigned from the company he built into the world’s biggest ad firm, with revenue of $19.7 billion last year and 134,413 employees globally. He stepped down after WPP said it was looking into an unspecified allegation of personal misconduct against him. “And with WPP announcing Sorrell’s exit on a Saturday night upon completing a probe into alleged misconduct, it’s clear he is not going out on his own terms,” write Megan Graham and E.J. Schultz in a look at his legacy. WPP hasn’t given any hint of what the probe was about, aside from saying the allegation against him “did not involve amounts that are material.” Sorrell will be treated as having retired, with the financial benefits that go along with that. Meanwhile, WPP isn’t expecting any revenue growth this year amid pressures on the industry, including spending cutbacks by consumer goods giants and competition from consultancies.
WPP shares dipped around 4 percent in the first few minutes of trading Monday in London as the market reacted to the news.
More from Ad Age on Sorrell’s exit
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