The Guardian reports that WPP is looking for a replacement for Sir Martin Sorrell. Not that he's being fired or has any immediate plans to step down, but it turns out that under the terms of his
renegotiated contract, Sorrell can leave the company "at will" with no statutory notice period. It also means that WPP can let him go at a moment's notice.
In its annual
report, WPP says that a comprehensive review "directed to the group's chief executive position" has taken place. The company says that Sorrell and non-executive members of WPP have
exchanged views "in a totally frank, highly specific manner - about candidates best qualified to succeed him." They have looked internally as well as outside the company.
A
company spokesperson played down the discussions, saying that they are a normal part of the succession planning that many British companies face. "Any responsible board should have plans like
these constantly in place," said WPP. Separately, Sorrell this week said that WPP would miss 2009 revenue targets, admitting that the global downturn was worse than he predicted a few months
ago.
Read the whole story at The Guardian »