WPP said the probe had concluded, adding that "the allegation did not involve amounts that are material".
"I shall miss all of you greatly", he wrote in an email to staff. Analysts at Liberum, for their part, recommend buying WPP's stock, arguing that the company's underperformance to the rest of the industry is unjustified, and talk of potential asset sales after Sorrell's departure will boost WPP's value. However, when the matter made it into the Wall Street Journal he told friends he thought it was being used as a weapon to force him out, one source said.
"Sir Martin was at the helm of WPP for over 30 years, the longest-serving CEO of any FTSE 100 company". Sorrell, a former investment banker who cut his teeth in advertising as the Saatchi brothers first finance chief, was a master deal maker at the fore of the global land grab.
For more than three decades Sir Martin Sorrell dedicated his life to transforming a small Kent-based manufacturer of shopping baskets, Wire and Plastic Products, into the world's biggest marketing services group.
The role meant Sorrell became an authority not just on advertising but on the global economy and an ever present voice on the media and at events such as Davos. Respected and sometimes feared by all sides. According to The Guardian, a report to the WPP Board was expected later this week. "He is such a competitor and he can get so angry when he loses". He is one of the most prominent and well-paid managers in the country.
Energetic and competitive, Sorrell is widely regarded as the titan of his industry known for his combative style, especially when pointing out the failings of his competitors to journalists.
The exit by Sorrell, said the analyst brings up the possibility of an empire that he built being broken up.
Whoever takes over will have to decide whether the group of 200,000 people should remain in its current form.
"Once WPP breaks up, the pressure on the other guys will be irresistible", he said. And because of the competition between the different holding companies (WPP, Publicis, Omnicom, IPG etc), WPP is probably not going to want to sell to any of them.
Read, who previously sat on WPP's main board, is well regarded in the industry while Scott was involved in its acquisition strategy and was not involved with clients.
WPP further noted that Sorrell would be treated as having retired, meaning that his share awards will be pro-rated in line with the plan rules and will vest over the next five years, to the extent group performance targets are achieved.
The world's biggest ad company's share price was 3.5% down at 8am this morning but has ticked back up to -1.26% down from previous closing to 1,173p a share, despite speculation over the future of the company now Sorrell is leaving after 33 years.
BRISTOL, Tenn. (AP) - NASCAR is hoping the Cup Series race at Bristol Motor Speedway will be run on Sunday despite a wet forecast. Before the postponement, Larson led 74 laps and appeared to be cruising to the 250 lap mark where the race would become official.
He added that he told Putin that Russian Federation was complicit in the use of chemical weapons by Syria's Assad. He added he would decide on what action to take once all the information has been verified.
Officials said the activity had been under observation for "some time " and was not directly related to missile strikes on Syria. Director Howard Marshall said the alert underscores the United States' commitment to fighting malicious cyber activity.
The latest to share her story is model Janice Dickinson , who recounted her harrowing story that resounded other accusers. Cosby's musical director left, Dickinson said, and Cosby told her: "We'll continue this conversation upstairs".
Android mobile makers have been deceiving users about their smartphones' security against malware and hacking vulnerabilities. Bringing up the rear were ZTE and TCL , whose phones had an average of more than four missed Android security practices.
The Pelicans previously lost DeMarcus Cousins , Alexis Ajinca and Frank Jackson to season-ending injuries. In the other corner, one of the league's best players - and a guy on a roll - in Anthony Davis .
Russia vetoed a USA text, while two Russian-drafted resolutions failed to get a minimum nine votes to pass. A decision wants 9 votes in favor and no vetoes by Russia, China, France, Britain or the U.S. to go.
Strong subscriber growth lifts Netflix revenue and profit
If you're interested, the company has also posted the video of its earnings Q&A call for the quarter, which can be viewed below. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website .
Last 3 games of White Sox-Twins series postponed
Sunday's game between the Minnesota Twins and Chicago White Sox has been postponed due to a snowstorm. The National Weather Service has predicted snow throughout the weekend, with temperatures in the 20s.
Chief Cosby accuser to take stand Friday
About 50 women have accused Cosby of assault, many of them alleging, as Constand did, that he drugged them. He guided me there, and he laid me in the bed. "I trusted him because he's 'America's Dad, '" Lublin said.