WPP says no follow-up requests from UK watchdog over CEO investigation

Monday, 23 April 2018 00:00 - - {{hitsCtrl.values.hits}}

LONDON (Reuters): WPP has had no further requests for information from Britain’s financial watchdog after answering initial questions about the firm’s investigation into Martin Sorrell, its recently departed chief executive, a company spokesman said.

WPP, the world’s biggest advertising group, released a statement on April 3 to confirm a report in the Wall Street Journal that it was investigating an allegation of personal misconduct against Sorrell, its founder and CEO for 32 years.

The Financial Conduct Authority (FCA) then wrote to WPP to ask if there was any more information it could share at that time.

Sorrell denied the allegation, but quit 11 days later, saying the disruption was putting too much pressure on the business.

“We had a call from them (the FCA) after the Wall Street Journal article and our first announcement to ask if we could share any further details,” a WPP spokesman said.

“We advised that we had satisfied all of our disclosure obligations and there was no additional information we needed to share. They were aware that we were ensuring we were discussing obligations with our legal advisers. They have not made any additional requests.”

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.