Advertising giant WPP's legendary CEO Martin Sorrell stepped down on Saturday amid a misconduct investigation, leaving the multi-billion dollar company suspended in uncertainty as it faces unclear succession and a particularly rough year for its business.
But despite the billionaire businessman's 33-year tenure and what many describe as a personality-driven leadership style, analysts are suggesting Sorrell's departure could represent an opportunity for some much-needed new thinking in a rapidly changing industry.
"This can be an opportunity for for WPP to find someone to lead it into the next era," Saker Nusseibeh, CEO of Hermes Investment Management, told CNBC's Squawk Box Europe. "In some ways, Sir Martin belonged to the old style school which was finished."
"Sorrell dominated the company," Nusseibeh said, but added "you could argue he should've stepped down at the peak of the powers rather than this way."
The Hermes CEO suggested that WPP is "not necessarily a company that will eventually emerge in the future" because transformational shifts in the advertising industry call for "a different kind of company ... to meet with new markets and new methodologies." Indeed, conventional advertising companies saw bumpy performance over the last several months as disruptive tech and data-based advertising dominated traditional business models.