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.
First reported by Sky News and confirmed this morning (30 May) Sorrell will become executive chairman of Derriston Capital with the UK-based investment firm set to acquire an entity called S4 Capital, which has recently completed a £51m equity fundraising.
The S4 Capital brand will then replace the Derriston, with Sorrell himself 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.
In a statement, 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."
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.