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Shares in WPP drop as advertising giant investigates CEO

Shares in WPP, the world's largest advertising agency, have fallen after an announcement that the board is investigating an allegation of personal misconduct against its chief executive, Martin Sorrell. In early-afternoon Wednesday trading, WPP's share price was down 2.2 percent at 1,094 pence.
By The News · 04 of April 2018 15:46:48
The logo for WPP appears above a trading post on the floor of the New York Stock Exchange, Wednesday, April 4, 2018. Shares in WPP, the world's largest advertising agency, have fallen after an announcement that the board is investigating an allegation of personal misconduct against its chief executive, Martin Sorrell. (AP Photo/Richard Drew), No available, The logo for WPP appears above a trading post on the floor of the New York Stock Exchange, Wednesday, April 4, 2018. Shares in WPP, the world's largest advertising agency, have fallen after an announcement that the board is investigating an allegation of personal misconduct against its chief executive, Martin Sorrell. (AP Photo/Richard Drew)

LONDON (AP) — Shares in WPP, the world’s largest advertising agency, have fallen after an announcement that the board is investigating an allegation of personal misconduct against its chief executive, Martin Sorrell.

WPP’s share price closed down 2 percent on Wednesday.

The Wall Street Journal reported the allegations involve possible misuse of assets and improper behavior.

No details were offered but WPP says “the allegations do not involve amounts which are material to WPP.”

Sorrell, who has run WPP for more than three decades, noted the claim of financial impropriety and said he rejected “the allegation unreservedly,” adding that he won’t play any role in the management of the investigation.

Ian Whittaker, analyst at Liberum, says the allegations could “intensify” speculation about Sorrel’s future as CEO.