WPP boss Mark Read to step down
WPP’s chief executive Mark Read will step down at the end of this year after the advertiser’s shares hit a four-year low earlier this year amid global economic headwinds and the rise of AI across the sector.
Read departs after more a 30-year stint at the London-listed advertising group, of which seven were in the top job.
WPP lost its crown as the world’s biggest advertising firm last year amid a slowdown in sales across the UK and US, and a prolonged slump in China.
In February, shares hit a four-year low as revenue missed expectations. Analysts have given gloomy forecasts for the rest of 2025, while the stock has already fallen by a third this year to date.
Read will stay on as chief executive until 31 December, WPP said, with the search for a successor already underway.
WPP CEO: ‘I feel it is the right time’
He took on the top job after the departure of Sir Martin Sorrell, the group’s founder.
“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,” Read said.
“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.”
He added: “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.”
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Philip Jansen, chair of WPP, said 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.”
“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.”