WPP boss Sir Martin Sorrell under misconduct investigation.

Sir Martin Sorrell, chief executive officer 

of advertising company WPP, denies any wrongdoing 

(REUTERS/Brendan McDermid)

Sir Martin Sorrell, boss of the world’s largest advertising agency, is under investigation for alleged personal misconduct.

The board of WPP said independent counsel will be overseeing inquiries into the allegation relating to the 73-year-old chief executive – who denies any wrongdoing.

The Wall Street Journal claimed the matter related to the possible misuse of company assets, citing unnamed sources.

However, the exact nature of the allegation or amounts involved have not been divulged.

A statement from the company said: “The investigation is ongoing. The allegations do not involve amounts which are material to WPP.”

In a statement issued by Project Associates on behalf of Sir Martin, he said he rejected the allegation of financial impropriety – but understood the company had to investigate it.

By Mark Norman.

Full story at Yahoo News.