Martin Sorrell Steps Down; WPP’s Market Leadership Position Not at Risk; Maintaining GBX 1,500 FVE
To our surprise, while the CEO of WPP, Martin Sorrell, initially disputed the improper use of funds and personal misconduct allegations, the firm stated on Saturday that Sorrell is resigning, albeit he continues to deny the allegations. While Sorrell's departure may hurt WPP's relationship with clients in the short term, we think such an impact will be minimal given that Sorrell has not been as instrumental in winning new businesses as he was years ago. In our view, the firm’s narrow moat rating...
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