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| WPP boss Martin Sorrell faces misconduct investigation | |
| (35 minutes later) | |
| WPP is investigating an allegation of personal misconduct against its chief executive Sir Martin Sorrell. | WPP is investigating an allegation of personal misconduct against its chief executive Sir Martin Sorrell. |
| The world's largest advertising agency said its board had appointed independent counsel to conduct the investigation. | The world's largest advertising agency said its board had appointed independent counsel to conduct the investigation. |
| "The allegations do not involve amounts which are material to WPP," a statement issued on Tuesday night said. | "The allegations do not involve amounts which are material to WPP," a statement issued on Tuesday night said. |
| The allegations about Sir Martin, 73, were first reported on Tuesday by the Wall Street Journal. | The allegations about Sir Martin, 73, were first reported on Tuesday by the Wall Street Journal. |
| The Journal also reported that WPP's board was examining whether Sir Martin misused company assets, citing unnamed sources. | The Journal also reported that WPP's board was examining whether Sir Martin misused company assets, citing unnamed sources. |
| That issue was not addressed in the company's statement, which only confirmed an investigation into the personal misconduct allegation. | That issue was not addressed in the company's statement, which only confirmed an investigation into the personal misconduct allegation. |
| One of the UK's best-known business leaders, Sir Martin has built WPP into a firm that dominates the advertising industry and has about 134,000 staff in more than 100 countries. | One of the UK's best-known business leaders, Sir Martin has built WPP into a firm that dominates the advertising industry and has about 134,000 staff in more than 100 countries. |
| He has been chief executive of the company for more than three decades. | He has been chief executive of the company for more than three decades. |
| Last month WPP warned that 2017 was "not a pretty year" for the firm due to flat growth, despite profits of more than £2bn. | Last month WPP warned that 2017 was "not a pretty year" for the firm due to flat growth, despite profits of more than £2bn. |
| The share price has fallen sharply over the past 12 months from £17.31 to close at £11.17 in London on Tuesday. | The share price has fallen sharply over the past 12 months from £17.31 to close at £11.17 in London on Tuesday. |