WPP CEO To Quit After String Of Ad Client Defections

WPP has announced that Chief Executive Officer Mark Read will step down at the end of the year, triggering a search for a successor at a company grappling with client defections and artificial intelligence (AI) advancements that are reshaping the marketing industry, Suzanne Vranica, Najat Kantouar, and Elena Vardon reported for The Wall Street Journal.

WPP’s share price has halved during Read's tenure. I Photo: WPP X

Read, who took the helm of WPP in 2018 and has been with the company for more than 30 years, is set to retire from the board and as CEO on December 31.

He said it was the right time to leave after seven years in the role. The company’s share price has fallen roughly 53% during Read’s tenure, The Financial Times also reported.

WPP, the UK’s largest advertising group, has been struggling for years, and its share price has languished near a five-year low.

Read has sought to restructure and streamline the group’s global operations and invest more in technology since taking over from Sir Martin Sorrell in 2018, but WPP’s share price has halved during his tenure, bringing its market capitalization down to about £6 billion.