Business: WPP's Sorrell "Retires" Following Sexual Misconduct Probe

-WSJ

Martin Sorrell, chief executive of advertising giant  WPP, has stepped down, effective immediately, following the conclusion of a company probe into a personal misconduct allegation.

The company said Mark Read, chief executive of WPP agency Wunderman, and Andrew Scott, WPP corporate development director and chief operating officer, Europe, have been appointed joint chief operating officers of WPP. 

Mr. Sorrell’s departure is being treated as a retirement, WPP said.