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Martin Sorrell Resigns as Chief of WPP Advertising Agency

Richard Oldworth, a spokesman for WPP, said on Saturday that he could not comment beyond the company statement. But in a separate statement to employees on Saturday, Mr. Sorrell made note of a “current disruption” that he argued “is simply putting too much unnecessary pressure on the business.” “That is why I have decided that in your interest, in the interest of our clients, in the interest of all share owners, both big and small, and in the interest of all our other stakeholders, it is best for me to step aside,” he said. “We have weathered difficult storms in the past. And our highly talented people have always won through, always.” David Rigg, a spokesman for Mr. Sorrell, said on Saturday that he had “nothing further to add.” Mr. Sorrell, a frenetic, loquacious man, looms as a giant of the advertising world. He is a fixture on the London and European social circuit among movers and shakers, hobnobbing as a regular at the World Economic Forum in Davos, Switzerland, and jetting to business events around the globe. Queen Elizabeth II knighted him in 2000 with a tap of her sword on his shoulders, the highest honor among a raft of awards he has received for his business acumen throughout the years.

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