WPP Chairman Roberto Quarta has been named to replace Sir Martin Sorrell as the Executive Chairman of the British multinational advertisement and public relations company. This will be a stop-gap arrangement till the appointment of a new Chief Executive Officer.
The Italian born US entrepreneur, Quarta has been the WPP chairman since 2015. He also heads Smith & Nephew plc, an FTSE 100 listed global medical devices company as the chairman besides being on the board of Rexel SA and Italtel –CD&R businesses.
Quarta has started his industrial management with BTR plc, where he becomes an Executive Chairman now. In 1993 he moved to become chief executive of BBA Group, where he executed strong performance improvement and portfolio change, producing a major increase in shareholder value.
Following the resignation of Sir Martin, CEO and founder of WPP, Quarta has now become executive chairman at WPP.
Sir Martin has on Saturday stepped down as WPP CEO about two weeks after the company launched an investigation into personal misconduct by the 33-year ad industry veteran.
Even as Quarta has been replaced Sir Martin on a temporary basis, Wunderman execs Mark Read and Andrew Scott will run day-to-day operations at WPP as joint chief operating officers.
In a statement, Sir Martin, referring to the investigation into misconduct, said that “the current disruption we are experiencing 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.”
WPP too has issued a statement to state “The previously announced investigation into an allegation of misconduct against Sir Martin has concluded. The allegation did not involve amounts that are material. In accordance with his at-will employment agreement, Sir Martin will be treated as having retired on leaving WPP, as detailed in the Directors’ Compensation Policy.”