NEWS30 May 2018
UK – Sir Martin Sorrell is to take the helm at financial holding company Derriston Capital, using it to build a new marketing services group, according to reports.
The former chief executive of WPP (pictured) stepped down from the role unexpectedly after a 32-year tenure, following the company’s investigation into an undisclosed allegation of personal misconduct.
In plans first reported by Sky News, cash shell Derriston Capital will look to acquire S4 Capital, a new entity established by Sorrell, with Sorrell to become executive chairman.
S4 Capital has raised £51m in equity funding, of which Sorrell has contributed £40m.
The new group plans to build a marketing services business, initially by acquisitions, according to a stock exchange announcement published this morning ( 30 May).
Sorrell said: "S4 Capital is a company that aims to build a multi-national communication services business focused on growth. There are significant opportunities for development in technology, data and content. I look forward to making this happen."
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