London — WPP is investigating an allegation of misconduct against Martin Sorrell, who has built the world’s biggest advertising empire over more than three decades of relentless expansion. Sorrell denies any wrongdoing. He transformed Wire & Plastic Products from a basket maker through acquisitions of top creative agencies such as J Walter Thompson and Young & Rubicam, media planners and buyers, and market research and public relations groups. He said on Wednesday that the allegation concerned financial impropriety, specifically the use of company funds. "I reject the allegation unreservedly, but recognise that the company has to investigate it," said the 73-year-old, one of Britain’s best-known and highest-paid CEOs. Succession Shares in WPP, which said the allegation did not involve sums that were material to the company, fell to more than four-year lows and were down 2.1% in the late morning in London. The investigation will raise fresh questions about leadership succession at WP...
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