SIR MARTIN SORRELL is a big beast of British business. As the head for 32 years of what is now the world’s largest ad agency, WPP, he spearheaded its transformation from a wire-basket maker to a marketing powerhouse. He is a regular at the World Economic Forum at Davos, and other international gabfests. He has for years been the best-compensated chief executive in the FTSE 100.

Then in April came an abrupt resignation. No official explanation was offered, other than that the resignation followed an internal investigation into personal misconduct and the misuse of company assets, but that the amounts involved were “not material”. Sir Martin has signed a non-disclosure agreement; the company is bound by data-privacy laws. News reports over the past week suggest Sir Martin may have visited a brothel, and that the line between personal and company expenses was blurred. He denies those allegations. But his departure, and the manner of it, raises questions about the future of both the firm and the man.

The board tried to appease shareholders at WPP’s annual general meeting on June 13th. Although Sir Martin is gone, the terms of his share-compensation scheme will be honoured. He was not deemed to have been guilty of gross misconduct. Valued at today’s share prices, he will receive just under £20m ($27m) over the next five years. Shareholders showed their unhappiness with the plan, with nearly 30% voting against or abstaining on the company’s pay awards. Around 15% voted against reappointing Roberto Quarta, the board’s chairman.

Sir Martin’s final year at WPP was not its best. The firm has struggled in the face of digital disruption and declining advertising spend, and in 2017 suffered its worst year since the financial crisis. Even before the boss departed, big clients were reconsidering their ties to the firm. Mr Quarta has promised radical changes, though those are unlikely before a new chief executive is in place.

Sir Martin, meanwhile, is plotting his return to adland. He has put £40m of his own money into a new marketing outfit, S4 Capital; investors have, in principle, agreed to offer over £150m for acquisitions. The new firm, he says, will look at opportunities relating to “technology, data and content”. Some wonder if the stalwart of traditional advertising can pull off such a shift in focus. Others wonder if the recent allegations will put a dampener on these plans, and whether, without WPP behind him, his profile will diminish. One thing seems likely: the FTSE’s best-compensated chief executive will be taking a pay cut.