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Former WPP chief Sorrell to take new role at Derriston - Sky News

Former WPP chief Sorrell to take new role at Derriston - Sky News
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LONDON (Reuters) – Long-serving WPP <WPP.L> chief executive Martin Sorrell is set to become chairman of financial holding company, Derriston Capital <DERR.L>, just six weeks after stepping down from the world’s largest advertiser, Sky News reported on Tuesday.

Sky News said Sorrell intended to use Derriston as a vehicle to build a “next generation” advertising group, and that further details were likely to be announced on Wednesday, citing an unnamed source close to the situation.

Sorrell, the driving force behind 33 years of dealmaking and relentless expansion at WPP, stepped down on April 14 after the board investigated an allegation of misconduct.

(Reporting by David Milliken, editing by David Evans)

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