Sorrell's full resignation message to WPP: 'Godspeed to all of you'

Sorrell’s departure is a

Sorrell’s departure is a"seismic shift" says Roddy Davidson media analyst at Shore Capital

Sir Martin would of course assist with the transition.

"That is why I have decided that in your interest, in the interest of our clients, in the interest of all share owners, both big and small, and in the interest of all our other stakeholders, it is best for me to step aside". This means Sorrell will be eligible to receive payouts related to 1.6m shares in a number of award plans that will vest over the next five years.

The external pressures on the company have led WPP's board to conclude that it should explore a sale of Kantar, its market research arm, which could command a price tag of about £3bn.

And last month amidst slowing down of revenues and income and the growing clout of the FANGS - the board commenced an investigation charging Sorrell with personal misconduct and misuse of the company's assets.

WPP act for some of the biggest consumer electronics and appliance Companies in the world, Sorrell was also one of the highest paid earning an annual salary of over $150M per year, the Company has said that a new CEO will be appointed shortly. "It has been a passion, focus and source of energy for so long", Sorrell, 73, said in a statement issued by WPP, dated Saturday.

Sorrell has resigned under a cloud and his PR Companies are working overtime to protect the reputation of the world's largest advertising and communications group.

Andrew Scott, WPP's corporate development director and Europe COO, and Mark Read, Wunderman CEO, will share the COO roles at WPP.

Sir Martin Sorrell quits WPP in the 'interests of company'
Sorrell set to make £20m from WPP shares

He said that he leaves the company in "very good hands", with Read, Scott and the management team at all levels having the knowledge and abilities to take WPP to "even greater heights, as well as capitalise on the geographic and functional opportunities".

Quarta said: "Sir Martin has been the driving force behind the expansion of WPP to create the global leader in marketing services".

Sorrell, who founded the British ad giant and has been at the helm for the past 33 years, stepped down less than a fortnight after the group launched an independent investigation into the allegations.

Those close to WPP have been keen to play down suggestions of any rift between Sorrell and the rest of the board, noting they stood by him during a series of shareholder revolts over his pay in previous years.

Roberto Quarta, who has been WPP's chairman for the last three years, will stand in as executive chairman.

WPP provided us with the following statement.

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.

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