WPP CEO Mark Read to step down; ad holdco says search for a successor is underway
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.”
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Mark Read, the longtime executive who has led WPP through a sweeping transformation of its advertising and marketing empire, will step down as chief executive at the end of the year, the company announced on Monday.
Read, who has spent more than three decades at the British communications giant and served as C.E.O. since 2018, will retire from the role and leave the company’s board on Dec. 31. WPP said a search for his successor is already underway.
“It has been an immense privilege to serve as its CEO for the past seven years,” Mr. Read said in a statement. “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.”
Under Read’s leadership, WPP sought to streamline its sprawling portfolio, embrace emerging technologies like artificial intelligence, and reposition itself at the forefront of modern marketing services. The company recently rebranded its media investments firm GroupM to WPP Media.
Philip Jansen, WPP’s chairman and the former chief executive of BT Group, praised Read for steering the company into a new era.
“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,” Jansen said. “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.”
Read called WPP “an incredible company with over 100,000 talented and creative people,” and thanked his colleagues, clients and board members as he signaled plans to chart a new course in his professional life after stepping down.
