Former WPP CEO Sir Martin Sorrell has signaled his intention to return to the advertising industry after describing his exit From the ad giant last month as an “extraction”.
Sorrell while addressing Techonomy conference in New York yesterday, said that he had no plans “to go into voluntary or involuntary retirement” and vowed to “start again”
Sorrell added during the conference that he now has a “better perspective” on where the strengths and weaknesses of traditional advertising companies lie, now that he has left WPP.
He also described the new agency model to be more agile and responsive, as well as having less bureaucracy and layers within. The new model will also focus on data, content and technology.
“I don’t want to say the traditional ad business isn’t capable of reinvention. It is capable of reinvention and it will be. All the people running holding companies understand this. They’re not silly.”added Sorrell.
Multiple media reports, including FT and Adweek, said that WPP did not “impose” a non-compete clause on Sorrell when he left, providing him with the opportunity to become a direct competitor to WPP.
He headed up WPP for over 33 years, and last month, in an alarming move, left the industry due to allegations of personal misconduct. Reasons were however not disclosed, and Sorrell rejected the claims
Reacting to Mr Sorrell’s comments, WPP said it did not have anything further to add to Sorrell’s statement.
WPP’s Executive Chairman Roberto Quarta quotes in a conference call last week that the former CEO has resigned and he refused to disclose details of WPP’s investigation into the matter.
“Martin was not terminated,” Quarta said in comments reported by several media outlets. “This came about at the end of the investigation; when the results of the investigation were known, Martin decided to resign before the board had taken into consideration the outcome of the investigation and determined whether or not it was appropriate to take action.
“We have no requirement to disclose or necessity to disclose.
“The matter surrounding personal misconduct is really what we consider to be a matter of privacy and therefore is a matter for Martin, and hence the reason why we did not disclose.”
Will the creator of WPP become a worst nightmare to the agency…. Lets wait and see….!!!