Uncertainty over the background to the WPP boss’s departure may well create problems to come
How does this work? The board of a FTSE 100 company launches an inquiry into allegations of “personal misconduct” against its chief executive. It goes to great lengths to show it is doing things by the book by hiring an outside legal firm to conduct the investigation and retaining two others to act as advisers.
Then, before a meeting of the directors to consider the findings of the inquiry, the chief executive resigns, despite having rejected the allegations “unreservedly”. The board deems the departure to be a retirement, meaning the executive can keep an incentive package worth up to £20m, and the company vows that the details of the investigation will never be disclosed.
Related: WPP: breaking up world's top advertising group could net £22bn
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