After mounting speculation, the holding company has confirmed Read is stepping down as CEO and the search for a successor is underway.
Mark Read will leave WPP at the end of this year
Mark Read will step down as chief executive of WPP at the end of this year, the holding company has announced.
After 30 years with the company, the last seven as CEO, Read will leave the position and the WPP board on December 31. The search for his successor is underway.
Speculation over Read’s role had been growing in recent weeks after several quarters of tough trading and the once-dominant agency giant losing its place as the world’s biggest advertising holding company to Publicis Groupe and Omnicom.
In a statement issued this morning, WPP said Read had “decided that the time is right for him to hand over to a new leader”.
“After seven years in the role, and with the foundations in place for WPP’s continued success, I feel it is the right time to hand over the leadership of this amazing company. I am excited to explore the next chapter in my life and can only thank all the brilliant people I have been lucky enough to work with over the last 30 years, and who have made possible the enormous progress we have achieved together,” Read said.
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Philip Jansen, chair of WPP, said: “On behalf of the board, I would like to thank Mark for his contributions not only as CEO but throughout his more than 30 years of leadership and service to the company. During that time, Mark has played a central role in transforming the Company into a world leader in modern marketing services, with deep AI, data and technology capabilities, global presence and unrivaled creative talent, setting WPP up well for longer-term success.
“We are pleased that Mark will continue to lead WPP as CEO until the end of the year, remaining focused on the execution of the Company’s growth strategy and supporting a smooth transition to his successor, once appointed.”
Read was named CEO of WPP in September 2018 following the abrupt departure of his predecessor, Sir Martin Sorrell.
His time in charge has been dominated by business transformation, such as the emergence of its AI proposition, WPP Open, and the consolidation and rebranding of many of its famous agency brands, most recently GroupM.
In recent months, however, Read has had to firefight a barrage of bruising headlines about the company’s disappointing revenues, staff unrest over his return to office policy and losing its status as top holding company to French rival Publicis Groupe.
Read said: “When I took on this role, our mission was to build a simpler, stronger business, and put structure and new energy behind our creativity and performance, powered by world-leading technology. I am proud that our teams across the business have delivered that exceptionally well. Our clients today rate us more highly than ever before, we now work with four of the world’s five most valuable companies and our revenues with our biggest clients have grown consistently.
“Our business starts with creativity, and I was delighted for our teams that last year we were once again named Creative Company of the Year at Cannes Lions. We have also positioned WPP at the forefront of the industry with our investments in AI and, with the full launch of WPP Open this year, we are now leading the way as AI transforms marketing. We have an exceptional leadership team and a secure financial position that allows us to face the future confidently and capture the opportunities ahead.”
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