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Tag: Roberto Quarta

  • WPP appoints Simon Dingemans to the board

    WPP appoints Simon Dingemans to the board

    Mumbai: WPP on Monday announced the appointment of Simon Dingemans to its board as a non-executive director, with immediate effect. 

    He is associated with the global investment firm The Carlyle Group as senior advisor in the UK. “Dingemans will serve as a member of the audit committee upon joining the board,” said the statement.

    Commenting on the appointment, WPP chairman Roberto Quarta said, “We are delighted to welcome Simon to WPP. His insight from a varied and distinguished career, combining both operational and financial experience, will be invaluable to the Board as WPP continues its transformation and strategic progress.”

    Prior to joining Carlyle, Dingemans was associated with GlaxoSmithKline as CFO and a member of the mainboard from 2011 to 2019, where he drove extensive restructuring and change programmes that delivered significant financial and operational efficiencies.  He also led a number of significant strategic transactions. As CFO, he was responsible for leading finance and a variety of other functions including procurement, real estate and technology, including cyber security.

    Prior to GSK, Dingemans worked in investment banking for 25 years at SG Warburg and then at Goldman Sachs, where he was managing director and partner for 10 years as a leader of their European M&A business and head of UK investment banking. Dingemans served as non-executive chair of the Financial Reporting Council in 2019/20. He was also the chairman of the 100 Group which represents the views of finance directors in the FTSE 100 and a number of large UK private companies.

    “WPP is the global leader in its sector with a clear strategy for continued success and value-creation. I am very much looking forward to being part of the transformation journey and supporting the future growth of the company,” said Dingemans.

  • WPP appoints Cindy Rose as non-executive director

    WPP appoints Cindy Rose as non-executive director

    MUMBAI: WPP has announced the appointment of Cindy Rose to its board as a non-executive director. She has been working as the Microsoft UK CEO. Her appointment will be effective from 1 April 2019 and she will serve as a member of the Audit Committee.

    Rose became Microsoft UK CEO in 2016, with responsibility for all of Microsoft’s product, service and support offerings across the United Kingdom, continuing the company’s transformation into the leading productivity and platform company for the mobile-first, cloud-first era. Prior to joining Microsoft, Rose was managing director of the UK consumer division at Vodafone where she led the expansion of its retail store estate from 350 to over 500 stores.

    Before Vodafone, she was executive director of Digital Entertainment at Virgin Media where she was responsible for the launch of the company’s next generation pay TV platform powered by TiVo. Rose spent 15 years at The Walt Disney Company where she held a variety of roles including SVP and managing director of the Disney Interactive Media Group EMEA. In 2013, she joined the board of Informa, a FTSE 100 academic publishing and events company, as an independent non-executive director.

    Commenting on the appointment, WPP chairman Roberto Quarta said, “Cindy is one of the most admired and respected figures in the technology industry, and we are delighted to welcome her to the WPP board. Her deep understanding of the role of technology in business transformation will be invaluable as the executive team implements its new strategy for growth.”

    Cindy Rose said, “WPP has set out a bold new vision for its future as a creative transformation company, with a commitment to invest in talent, technology and culture. I look forward to supporting the team and making a contribution at such an exciting and important moment in the company’s development.”

  • WPP learns to live without Martin Sorrell

    WPP learns to live without Martin Sorrell

    MUMBAI: British multinational advertising and public relations company WPP has decided to review its policies and codes of conduct and how these can be improved upon. The agency’s chief operating officer Mark Read in a staff memo said that the review will be conducted by leadership teams throughout the group. 

    He did not respond to allegations in reports in the Financial Times and the Wall Street Journal which stated that its former CEO Martin Sorrell resigned in the midst of investigations of having paid company money (some 300 pounds)  for services to a sex worker in a Mayfair brothel. Additionally, there were allegations in the reports that Sir Martin had a bullying nature towards junior employees and was curt with them. 

    Instead Read  stated in the memo that “Although we can’t comment on specific allegations, I feel we should remind ourselves of and reinforce the kind of values we want and need to have within every part of our business: values of fairness, tolerance, kindness and respect.”

    He added: “It should hardly need saying that all WPP working environments must be places where people feel safe and supported. They must also be places where people are able to raise concerns if they want to, and where those concerns are dealt with when they need to be.”

    The memo also mentioned about WPP’s helpline, Right to Speak. Read mentioned that the service was available for everyone across the group that allows them to raise issues without fear of reprisal. The Right to Speak service is independently operated and protects the identity of anyone who would rather not speak directly to their respective line manager or senior official about their concerns. 

    The company also had its annual general meeting with its shareholders on Wednesday, during the course of which a section of shareholders protested against the appointment of WPP chairman Roberto Quarta, the handling of the Sorrell exit and the payouts being planned for him in the form of share awards, as well as the fact that he was not  asked to sign a non-compete agreement when he departed from the agency last month, amidst controversy. 

    WPP chairman Roberto Quarta said that there was no basis to cancel Sorrell’s share awards as the company did not have any proof of misconduct. “The contract required Martin to be treated as having retired unless a definition of gross misconduct would be satisfied, which it could not, and on which the board had clear legal advice.”

    As far as the non-compete clause and the payout were concerned, Quarta stated that the conditions of Sir Martin’s employment contract predated the current board. This despite, it  managed to get him to take cuts in pay and benefits at a time when the agency had put up a stellar performance in 2015. 

    Quarta has also started an investigation within the organisation on how information about allegations against Sorrell leaked into the media.

    Read who is tipped to take over CEO was quoted by the BBC as saying that “Martin was a hard-working and hard-driving chief executive. I don’t recognise the bullying nature of some of the allegations.”

    Sorrell  has denied the allegations which have appeared in the media but decline to say anything more.

    Read meanwhile said he has spent time with group agencies and clients over the last eight weeks, reassuring them of WPP’s health today and going forward. Disclosed he in the note: “There is tremendous positivity and confidence about the future of the business. Let’s stay focused on that, and continuing to build a company we are all proud of.  We all want WPP and its agencies to continue to be home to the world’s best talent, which means creating a positive, supportive and inclusive culture in every office. More importantly, it’s the right thing to do.”

  • Sir Martin Sorrell says ta-ta to WPP, Roberto Quarta becomes exec chairman

    Sir Martin Sorrell says ta-ta to WPP, Roberto Quarta becomes exec chairman

    MUMBAI: A first gen entrepreneur of Ukrainian descent, he rose out of nowhere to build the world’s largest advertising group.  And late last night  – amidst investigations into charges of personal misconduct by the WPP board – Sir Martin Sorrell packed up his things and shockingly announced that he was saying ta-ta to the CEO’s position and moving out of the corner office.

    “Obviously I am sad to leave WPP after 33 years. It has been a passion, focus and source of energy for so long,” stated Sorrell in an emotional note to WPP staff.  “However, I believe it is in the best interests of the business …in your interest, in the interest of our clients, in the interest of all shareowners, both big and small, and in the interest of all our other stakeholders, it is best for me to step aside….the current disruption is putting too much unnecessary pressure on the business.”

    He added: “We have weathered difficult storms in the past. And our highly talented people have always won through, always. I leave the company in very good hands as the board knows… Nobody, either direct competitors or newly-minted ones can beat the WPP team, as long as you work closely together, whether by client and/or country or digitally.”

    WPP released a statement stating that the change would become effective immediately and that the advertising behemoth’s chairman  Roberto Quarta would become executive chairman until the company could appoint a new chief executive. Sir Martin would of course assist with the transition.  It added that the 73 year old  would be “treated as having retired” and that his share awards would be “pro-rated in line with the plan rules and will vest over the next five years, to the extent group performance targets are achieved.”

    WPP’s corporate development director and chief operating officer for Europe Andrew Scott and , Wunderman CEO Mark  Read would don the mantle of co-chief operating officers. Said Sorrell in his note: “We have had a succession plan in place for some time. A new generation of management, led by Mark Read and Andrew Scott , are well qualified and experienced in the board’s opinion, to deal with the geographic and technological opportunities and challenges our industry faces”

    “The previously announced investigation into an allegation of misconduct against Sir Martin has concluded,” the WPP statement read. “The allegation did not involve amounts that are material.”

    Born to Jewish parents who were from Kiev, Sorrell began his career in the renowned and trendy ad agency Saatchi & Saatchi (which fashioned winning electoral campaigns for Britain’s conservative prime minister Margaret Thatcher) in 1975. He worked closely with the brothers Saatchi (Charles and Maurice) and helped fashion its rapid growth, before going solo and acquiring a shopping basket manufacturer Wires & Plastic Products (WPP).

    He used that firm as a vehicle to gobble up various other global ad icons such as Ogilvy & Mather, Young & Rubicam and another 18 other advertising service providers over three years. WPP today has  130,000 employees in 112 countries, and a market valuation of around 22 billion pounds, or about $31 billion.

    Along the way as his legend grew – so did the amounts he took as payments for his hard labour which caused heartburn to investors and shareholders.  In 2016 when he took a pay packet of 70 million pounds and the empire struck back with protests amongst the community about all his financial excesses.

    And last month  amidst slowing down of revenues and income and the growing clout of the FANGS  – the board commenced an investigation charging Sorrell with personal misconduct and misuse of the company’s assets.

    Sorrell’s last few words in his farewell note will not only tug at WPP staff’s heartstrings but almost anyone’s.

    Said he: “I shall miss all of you greatly. You have given me such excitement and energy and I wanted to thank you for everything you have done and will do for WPP and me. As some of you know, my family has expanded recently, WPP will always be my baby too.As a Founder, I can say that WPP is not just a matter of life or death, it was, is and will be more important than that. Good fortune and Godspeed to all of you … now Back to the Future.”

  • WPP appoints Roberto Quarta as chairman-designate

    WPP appoints Roberto Quarta as chairman-designate

    MUMBAI: WPP plc has appointed Roberto Quarta to its board as a non-executive director and chairman-designate. He will join the board on 1 January 2015 and will offer himself for re-election at the company’s Annual General Meeting to be held in June 2015. Subject to his re-election, he will be appointed chairman to succeed Philip Lader, who joined the board as chairman in 2001.

    Quarta is chairman of Smith & Nephew plc, a FTSE 100 global medical technology company, and chairman of IMI plc, a FTSE 250 engineering business. He is also a partner at the private equity firm Clayton, Dubilier & Rice and a non-executive director at Spie SA. Previously, he was chief executive and then chairman of BBA Group plc, Rexel SA chairman  and BAE Systems plc,  Equant NV, Foster Wheeler AG and PowerGen plc non-executive director.

    In the Company’s last Annual Report issued in April 2014, Lader announced his plan to step down as chairman at the close of 2014. The WPP board has requested that he continue until such time as Quarta steps down as Chairman of IMI plc.

    Lader said, “Roberto brings to WPP extensive, diverse experience in corporate governance and global commerce. This completes our refreshment of the board, which over the last three years has seen the appointment of 10 internationally recognized business leaders from four continents and the phased retirement of long-serving directors.”

    CEO Sir Martin Sorrell commented, “Following an exhaustive search, the Board has chosen Roberto to be its next Chairman, as his experience and background complement and will help develop WPP’s strategy in new markets, in new media, in data investment management and the application of technology and, last but not least, horizontality.”

    Quarta commented, “It is a great honour to join the board of WPP, a global leader in its field and an outstanding success story in British business. I look forward to working with the Board to help the company as it continues to build leadership positions in the fast changing media markets.”

    No disclosure obligations arise under paragraphs (1) to (6) of LR 9.6.13 R of the UK Listing Authority’s Listing Rules in respect of this appointment.

    Full details of Quarta’s remuneration arrangements will be given in the Directors’ Remuneration Report 2014.

    The transition in the chairman’s role will occur, if Quarta has resigned from the IMI board as anticipated, immediately at the close of WPP’s June AGM or thereafter upon such resignation.

    Quarta will be appointed to serve as a member of the Nomination and Governance Committee and the Compensation Committee.

    In the 14-year period Lader has served as chairman, WPP’s billings have grown from ?14 billion to ?46.2 billion, PBIT from ?378 million to ?1.583 billion, dividend per share from 3.75p to 34.21p, the dividend pay-out ratio from 13 per cent to 42 per cent. The shares have risen from 829p to 1313p, the market capitalisation from ?9.1 billion to ?17.3 billion and the number of employees (including associates) from 65,000 to 177,000.