WPP boss Sir Martin Sorrell under investigation over personal misconduct allegations
Advertising boss known for huge salary is under investigation
Advertising giant WPP has appointed lawyers to lead an independent investigation into an allegation of personal misconduct by Sir Martin Sorrell, the firm’s chief executive.
Shares in the group dropped more than 2 per cent in early trading.
The Wall Street Journal, which first reported the investigation, said WPP's board was examining whether Sir Martin had misused company assets, citing unnamed sources.
Read more WPP's spin kings tell it like it is in wake of grim results The group said the investigation is ongoing, and the allegations “do not involve amounts which are material to WPP”.
In a statement, Sir Martin said: “Reports in the media have stated that WPP is investigating an allegation of financial impropriety by me, specifically as to the use of company funds.
“This allegation is being investigated by a law firm. I reject the allegation unreservedly but recognise that the company has to investig..