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WPP investigates alleged misconduct by CEO Sorrell

The world's largest advertising agency is investigating an allegation of personal misconduct against its chief executive.
WPP said its board has appointed independent counsel to conduct the investigation into the alleged behaviour of Sir Martin Sorrell, who denies wrongdoing.
The British firm issued a statement after The Wall Street Journal reported news of the investigation earlier in the day.The Journal article had said the WPP board was looking into whether Sir Martin had misused company assets, citing unnamed sources.WPP's statement said: "The investigation is ongoing."The allegations do not involve amounts which are material to WPP."In response, Sir Martin said he rejected the allegation "unreservedly" but recognised that the company had to investigate.
"I understand that this process will be completed shortly," he said."Obviously, I shall play no part in the management of the investigation under way."There was no further detail given about the nature of the allegation.
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Sir Martin, 73, is one of the country's best-known business leaders, having built WPP from a two-man operation in 1985 to one that now dominates the industry and has around 134,000 staff in more than 100 countries.He previously worked at Saatchi & Saatchi and was knighted in the Queen's 2000 New Year honours list.
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