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| WPP boss Martin Sorrell faces misconduct investigation | 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," the firm said in a statement on Tuesday. | "The allegations do not involve amounts which are material to WPP," the firm said in a statement on Tuesday. |
| Mr Sorrell responded on Wednesday, saying he rejected any allegation of financial impropriety "unreservedly". | Mr Sorrell responded on Wednesday, saying he rejected any allegation of financial impropriety "unreservedly". |
| "Reports in the media have stated that WPP is investigating an allegation of financial impropriety by me, specifically as to the use of company funds," Sir Martin said in a statement. | "Reports in the media have stated that WPP is investigating an allegation of financial impropriety by me, specifically as to the use of company funds," Sir Martin said in a statement. |
| "This allegation is being investigated by a law firm. I reject the allegation unreservedly but recognise that the company has to investigate it," he said. | |
| "I understand that this process will be completed shortly." | "I understand that this process will be completed shortly." |
| Sir Martin added: "As a significant share owner, my commitment to the company, which I founded over thirty years ago, remains absolute - to our people, our clients, our shareholders and all of our many stakeholders. " | |
| Share price falls | Share price falls |
| 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. |
| Its share price has fallen sharply over the past 12 months from £17.31 to close at £11.17 in London on Tuesday. | Its share price has fallen sharply over the past 12 months from £17.31 to close at £11.17 in London on Tuesday. |