Sir Martin Sorrell is set to reignite his career by taking control of Derriston Capital just weeks after he left WPP, it has been reported.
The former CEO is poised to turn the business into a next-generation marketing group, according to Sky News.
No official announcement has been made, and Sorrell shrugged off the news as "market speculation." But formal confirmation is expected some time this week.
The news outlet reports Sorrell will be Derriston's new executive chairman and will move to acquire S4 Capital, which will replace Derriston as the company name.
It comes after Sorrell declared that the end of his tenure running the world’s largest marketing services holding company won’t be the end of his career.
Speaking at the Techonomy NYC 18 conference in New York City, Sorrell said he has no plans to retire.
"I’m not going to go into voluntary or involuntary retirement," he stressed, when asked about his plans by David Kirkpatrick, founder and CEO of the media company behind the conference.
"The first thing I’m going to do is tell my son I’ll call him back," said Sorrell, referring to the cell phone that had been buzzing throughout his talk. "Then I’m going to start again."
Sorrell was "extracted" from WPP on April 14 in the wake of an investigation by WPP’s board into accusations he misused company assets. Neither the company nor Sorrell have released details about the investigation or the complaints.
Amid widespread speculation about the future of WPP and its agencies, the holding company named Wunderman CEO Mark Read and WPP Europe COO Andrew Scott to lead the company on an interim basis as joint COOs. It also appointed chairman Roberto Quarta as executive chairman.