London — WPP, the world’s biggest advertising company, will head into uncharted territory on Monday when it starts life without its founder, Martin Sorrell, whose departure has left it rudderless at a time of swirling industry change. Shares in company dived more than 4% in early morning trade on Monday. The driving force behind 33 years of deal-making and relentless expansion, Sorrell stepped down on Saturday after the board investigated an allegation of misconduct, saying that the disruption was putting too much strain on the company. While WPP hunts for a new CEO, it has handed the helm to two executives: digital boss Mark Read, and Andrew Scott, the chief operating officer of WPP Europe who oversaw acquisitions, making them joint chief operating officers. The sudden departure of Sorrell, the face of the company since he founded it in 1985, has sparked questions as to whether the holding group can remain in its current form of employing 200,000 people in more than 400 companies a...

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