Read to Step Down as Head of WPP

Mark Read has announced he will step down as Chief Executive of WPP, and from the Board, on December 31st after more than 30 years with the group. WPP says the search for a successor is underway.

Early in his career, Read (pictured) co-founded and developed start-up company WebRewards; and worked as a principal specialising in the media and marketing industries at consultancy Booz Allen & Hamilton. At WPP, he was Head of Strategy at WPP Digital, and then its CEO for a dozen years, before taking over as Global CEO of Wunderman from 2015 - he oversaw the latter's merger in 2017 with digital ad agency POSSIBLE and its launch of an AI Division in the same summer. He was made WPP Group COO in April 2018 and with the departure of Sir Martin Sorrell the same month, Read at the age of 51 was appointed to the Group CEO job on 3rd September.

His time in the top job has been marked by the consolidation of what was a sprawling collection of companies and brands, into a smaller number of major units; and by rapid adoption of technology, with a focus on making both tools and skills easily available across group companies. Around a year into his tenure, 60% of Kantar was sold to Bain Capital - whether or not this has benefitted the insights division might be debated but we would say Very Probably - it has emerged from the DIM shadow of its parent and seems in better shape than six years ago, albeit slimmed down with the sale of its Public and Media divisions.

WPP meanwhile has continued to acquire companies at much the same rate as in the Sorrell era (https://tracxn.com/d/acquisitions/acquisitions-by-wpp/__xx7t5xAVkAljQOcf_pBEeRh9xYth5-vmr-COnTYSRvs ), while Read has been in the media headlines of late for his decision to summon workers back to the office, in addition to a steady stream of comments on the rise of AI and the future of the ad industry. He has also had to react to the Omnicom-Interpublic merger and the loss of WPP's crown as the world's biggest agency group. Given all this and that analysts were predicting the break-up of WPP on the departure of founding father Sorrell, Read has done a remarkable job.

Philip Jansen, Chair of WPP, said today: '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 unrivalled 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's own statement in full:

'WPP is an incredible company with over 100,000 talented and creative people, wonderful clients and partners, and an unmatched presence around the world. It has been an immense privilege to serve as its CEO for the past seven years.

'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.

'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. I would also like to thank Phil and the rest of the Board for their steadfast support for me and the wider executive team, and I look forward to supporting them in the transition to my successor in the coming months.'

DRNO hopes to report on the runners and riders for his replacement, whenever we have a sufficiently robust rumour to publish, and may even include a few where we don't, naturally flagged up as such as clearly as you would expect from the quality press...

Web site: www.wpp.com/investors .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.