WPP boss Martin Sorrell faces misconduct investigation

WPP is investigating an allegation of personal misconduct against its chief executive Sir Martin Sorrell.

The world's largest advertising agency said its board had appointed independent counsel to conduct the investigation.

"The allegations do not involve amounts which are material to WPP," a statement issued on Tuesday night said.

The allegations about Sir Martin, 73, were first reported on Tuesday by the Wall Street Journal.

The Journal also reported that WPP's board was examining whether Sir Martin misused company assets, citing unnamed sources.

That issue was not addressed in the company's statement, which only confirmed an investigation into the personal misconduct allegation.

One of the UK's best-known business leaders, Sir Martin has built WPP into a firm that dominates the advertising industry and has about 134,000 staff in more than 100 countries.

He has been chief executive of the company for more than three decades.

Last month WPP warned that 2017 was "not a pretty year" for the firm due to flat growth, despite profits of more than £2bn.

The share price has fallen sharply over the past 12 months from £17.31 to close at £11.17 in London on Tuesday.

(BBC)