Just weeks after he was ousted as chief executive of WPP, Sir Martin Sorrell will take the helm at investment firm Derriston Capital with a view to using it as a means of returning to the marketing services industry, according to Sky News.
Sorrell is reportedly poised to be unveiled as chief executive of Derriston Capital tomorrow (May 30) according to sources quoted in the piece which also claimed that the UK-based investment firm will acquire an entity called S4 Capital.
Sky News’ report then goes on to cited unnamed sources claiming that the S4 Capital brand will then replace the Derriston, with Sorrell himself understood to be backing the venture with £40m ($53m) of his own money alongside other high profile financial interests. The report further speculates that the newly formed group will expand through acquisition, albeit no potential targets were named in the piece.
Sorrell has made numerous hints at a return to the industry since his departure from the agency network he co-founded in the 1980s. Speaking recently at Luma Partners' Digital Media Summit, he said two areas of focus would be scalable technologies as well as their application in high growth geographical markets.
"So I'm looking at, and what I will focus on, and try and do again ... is look at where are the opportunities from a technology point of view and look at the opportunities from a geographical point of view, and put the two together,” added Sorrell.
Sorrell stood down in April from his role at WPP amid an internal investigation, the catalyst for which has never been revealed.