The head of the world's largest advertising agency, WPP, has stepped down after an internal investigation into his personal conduct.
Chief executive Sir Martin Sorrell ran WPP for 33 years, becoming the highest paid boss of a FTSE 100 company. He said WPP had been a passion but it was in "the best interests of the business" for him to resign.
WPP said the investigation, over use of company money, was finished. Sir Martin has rejected claims of wrong-doing. The chairman of WPP, Roberto Quarta, will oversee the agency until a new CEO is appointed.
Sir Martin once said he would "carry on until they carry me out of the glue factory". The 73-year-old was the longest serving chief executive of a FTSE 100 firm by far. He will be treated as having retired, WPP said in a statement, so will receive any payments, bonuses and shares in line with his contract.
He was one of the best-paid chief executives, and in 2015 faced a shareholder revolt over a £70.4m remuneration package. Earlier this month it was disclosed that he was under a misconduct investigation by WPP, but Sir Martin strongly rejected any claim of financial impropriety.