WPP announced today that Mark Read will retire from the board and from his role as CEO at the end of the year.
After more than 30 years with the company, including seven as CEO, Read said that he has decided the time is right for him to hand over the reins to a new leader, according to a news release. The search for a successor is underway.
“On behalf of the board, I would like to thank [Read] for his contributions not only as CEO but throughout his more than 30 years of leadership and service to the company,” WPP chair Philip Jansen said in a statement. “During that time [Read] 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.”
In a statement, Read said the business “starts with creativity” and that he 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,” Read said.
He praised WPP’s leadership team and staff and said the operation is in a position to face the future with confidence and to capture opportunities ahead, but the move comes amid uncertainty for the British multinational, which operates Ogilvy, VML, Wavemaker and Burson.
In its last quarter, the company reported £3.2 billion ($5.9 billion) in first-quarter earnings – a 5% year-over-year decline, and a 0.1% revenue decline in WPP’s North American operations.
