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Tag: Sorrell

WPP sparks Sorrell legal battle ‎over agency bid

WPP sparks Sorrell legal battle ‎over agency bid

Business
WPP Group is threatening to strip its former chief executive Sir Martin Sorrell of share awards worth potentially tens of millions of pounds over his new venture's €300m (£265m) bid to launch a rival multinational network. Sky News can exclusively reveal that WPP, the FTSE-100 marketing services group that Sir Martin spent three decades building into the biggest global business of its kind, has written to him alleging that he is "likely to be in breach of his confidentiality obligations".The row has arisen because Sir Martin's new vehicle, S4 Capital, is in talks to buy MediaMonks, a Dutch digital agency, which is also the subject of takeover interest from WPP.In its letter to Sir Martin's lawyers, sent on Tuesday by Slaughter & May, the 'Magic Circle' law firm, ...
Sorrell stages comeback with Derriston deal

Sorrell stages comeback with Derriston deal

Business
Sir Martin Sorrell is to stage a dramatic comeback to the London stock market just six weeks after his sudden departure from WPP Group brought an end to the reign of the FTSE-100's longest-serving chief executive. Sky News can exclusively reveal that Sir Martin, one of Britain's best-known businessmen, is to take the helm at Derriston Capital, a listed cash shell, and use it as a vehicle to build a 'next-generation' marketing services group.Details of the WPP founder's plans, which will see him installed as Derriston's executive chairman, are likely to be disclosed in an announcement on Wednesday morning, although formal confirmation could be delayed.A source close to the situation said Derriston had provisionally agreed to acquire S4 Capital, a new entity established by Si...
Sorrell quits WPP in 'interests of company'

Sorrell quits WPP in 'interests of company'

Business
The chief executive of WPP, the world's biggest advertising agency, has confirmed he is resigning from his post.Sir Martin Sorrell, who has been with the company for 32 years, is quitting following allegations of personal misconduct through the misuse of company assets, as revealed by Sky News on Saturday.In a statement released on Saturday, the 73-year-old told staff he was stepping aside following an internal investigation by the company."As I look ahead, I see that the current disruption we are experiencing is simply putting too much unnecessary pressure on the business," he said."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 t...
Sorrell to end 32-year career at helm of WPP

Sorrell to end 32-year career at helm of WPP

Business
Sir Martin Sorrell is bringing the curtain down on a 32-year career as chief executive of WPP Group, the ‎marketing services giant, weeks after its board launched a probe into an allegation of improper personal conduct.Sky News has learnt that WPP, which owns a string of international advertising and media buying networks supplying many of the world's biggest companies, is preparing to announce Sir Martin's departure as soon as Saturday night.His resignation will be one of the most significant ‎exits of a FTSE-100 chief executive for many years.WPP plans to announce that‎ Mark Read, the chief executive of Wunderman, an agency network it owns, and Andrew Scott, chief operating officer of the group's European business, will take over as interim joint chief operating officers.Roberto Quarta,