Martin Sorrell, chairman and chief executive officer of WPP, the world's largest advertising company, speaks at the Confederation of British Industry's (CBI) annual conference in London, Britain November 21, 2016. REUTERS/Stefan Wermuth
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Sorrell, 73, said late Saturday that he would resign from his position as chief executive office of WPP PLC with immediate effect.Sorrell has denied any wrongdoing.Chairman Roberto Quarta now becomes executive chairman until the appointment of a new CEO, WPP said in a statement late Saturday. Mark Read, who heads WPP agency Wunderman, and Andrew Scott, WPP's corporate development director, become joint chief operating officers.The investigation into Sorrell has now concluded, WPP said, reiterating that the amounts weren't material.New-York based Omnicom Group Inc., another WPP competitor, recently consolidated the chief executive officer and chairman role in John Wren, who has led the company for two decades.Sorrell is one of the largest shareholders of WPP, with a 1.46 percent stake, according to data compiled by Bloomberg.
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