Sorrell’s pledge was not enough to stem an investor exodus.
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WPP PLC announced Thursday a bleak outlook, following two cuts to its sales forecast last year that Sorrell called embarrassing.Sorrell's pledge to simplify the sprawling 200,000-employee company and control costs was not enough to stem an investor exodus, however: The stock fell as much as 15 percent, the most intraday since 1999, prompting a four-minute trading suspension.Sorrell said the outlook is deliberately cautious.Having founded the company in the 1980s, Sorrell is the biggest individual shareholder at WPP, with a stake of about 1.4 percent, according to data compiled by Bloomberg.
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