Print Edition - 2018-04-17  |  Money Digest

WPP faces brief stock slump after CEO resigns


Apr 17, 2018-

Shares in British advertising giant WPP briefly slumped on Monday after chief 

executive and founder Martin Sorrell resigned over the weekend. The stock dived more than 4.0 percent in opening deals after Sorrell stepped down on Saturday, but swiftly regained composure to stand almost flat at 1,187.50 pence. The news nevertheless has sent shockwaves through the marketing industry, and comes 10 days after WPP launched an independent probe into allegations of his personal misconduct through the misuse of company assets. WPP also revealed Saturday however that the probe had concluded, adding in a company statement that “the allegation did not involve amounts that are material”. Sorrell. He denied any wrongdoing. (AFP)

Published: 17-04-2018 08:11

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