Sir Martin Sorrell could make nearly £20m from WPP shares over the next five years despite stepping down as chief executive of the world's biggest advertising group on Saturday. It made no further comment but repeated a previous statement that the allegation did not involve amounts that were material to the company.
WPP said yesterday it did not intend to disclose the findings of an inquiry against him into allegations of personal misconduct and misuse of company funds.
Sources familiar with the situation said that the outcome of the investigation, which is being carried out by United States law firm WilmerHale for WPP chairman Roberto Quarta, will be available by the end of the week.
"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".
In a communication to staff Sir Martin explained "The current disruption is simply putting too much unnecessary pressure on the business, our over 200,000 people and their 500,000 or so dependents, and the clients we serve in 112 countries".
Sir Martin Sorrell, who has been at the helm of the firm for the past 33 years, announced on Saturday evening he was stepping aside.
Sorrell was the highest-paid CEO among FTSE 100 companies in both 2015 and 2016, according to a study released previous year by the Chartered Institute of Personnel and Development and the High Pay Centre.
However, Sorrell will assist with the transition as the company seeks a new leader.
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Sir Martin Sorrell said: "Obviously I am sad to leave WPP after 33 years".
"During this time, the company has been successful because it has valued and nurtured outstanding talent at every level". He has denied any wrongdoing.
The firm has grown into one of the world's largest communications groups and now has some 3,000 offices.
It largely outperformed its peers Omnicom, Publicis and IPG in the years that followed the financial crisis as the group pitched aggressively for new work.
However, he always fiercely defended his income, saying it was related to how well the company he started from nothing was doing.
Sir Martin was said to have resigned after learning that the investigation had finished, though sources...
The Sunday Times newspaper's Rich List 2017 said he was worth £495 million, with his assets up £100 million over the previous 12 months.