There's a fascinating saga at play between the world's biggest advertising company, WPP, and its recently-exited founder Sir Martin Sorrell. Like a real-life Mad Men episode, here's where we stand (Thread)
Trouble starts in April. The @WSJ reveals that Sorrell, who's run WPP for 33 years, is being investigated for alleged personal misconduct. At the time, we know nothing more about the allegations. wsj.com/articles/wpp-i…
It all kicks off. Sorrell strenuously denies any wrongdoing and is furious at how the probe is handled. Within 11 days, he resigns from WPP. bloomberg.com/news/articles/…
A few things to note on Sorrell, who was knighted in 2000: WPP was his life. A globe-trotting Davos man, he amassed a sprawling and highly successful ad empire from a maker of wire shopping baskets. This FT piece is a brilliant profile: ft.com/content/0a9a6c…
But things went sour in the last 18 months. WPP lost a third of its market value as big advertisers cut their spending and investors worried about the growing influence of tech players like Facebook and Google. That put Sorrell on the back foot. bloomberg.com/news/articles/…
Next major development: two months after Sorrell's resignation, the @WSJ reports that WPP was investigating whether he used company funds to pay for sex. Sorrell continues to deny any wrongdoing. wsj.com/articles/wpp-p…
The FT then joins the party, publishing a deep-dive investigation which includes claims Sorrell bullied staff at WPP and that the alleged brothel was in Mayfair. ft.com/content/617147…
All the while, Sorrell goes into fightback mode. The dust has barely settled on his exit and he's already started a new advertising venture. Crucially, there's nothing to stop him competing with WPP. bloomberg.com/news/articles/…
Despite the media furore, Sorrell turns up at the ad industry's annual jamboree in Cannes. For the first time, in his own words, he denies that he paid for sex with WPP money. bloomberg.com/news/articles/…
And now it's getting even spicier. Despite both sides initially painting the split as amicable and Sorrell calling his new business a `peanut' that WPP doesn't need to worry about, they're already in open conflict. bloomberg.com/news/articles/…
For more real life Mad Men, stay tuned. 🍿#TicTocNews
Looks like it's going to be Sorrell 1 - WPP 0. Announcement of his deal to acquire Dutch-based digital production agency MediaMonks could come as early as Tuesday, reports @hellierd bloomberg.com/news/articles/…
Sorrell's empire (re)building begins #TicTocNews bloomberg.com/news/articles/… via @rpenty
In the latest break from the Sorrell era, WPP is moving out of its Mayfair HQ bloomberg.com/news/articles/… h/t to @gideonspanier
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