Mark Read to step down as WPP CEO after seven years

In a statement on LinkedIn Read said: "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."

He went on: "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."

"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."

A source close to the company said the board will be looking at internal and external candidates.

Read was easily re-elected with 99.95% support at the annual shareholder meeting on May 23 but the board has faced questions about the company's performance. After the share price peak at £19 at the start of 2017, it fell to £10.75 when Sorrell left and, after a bounce after the pandemic, has dropped down below £6 this year.

Claire Enders, founder of Enders Analysis, told Campaign: “I have followed Mark Read for over 25 years as a senior leader at WPP, first behind the scene as the steady pair of hands holding the ship together through hundreds of acquisitions and integrations and for seven years as the CEO of a complete simplification to clear business units, ably led by imaginative new management.

“WPP has struggled against stronger headwinds than its peers, largely due to its UK history and listing. Mark Read has never lost his cool head in 26 years of unbelievable turbulence. I am certain his vast experience will be recognised at the global corporate level and many new challenges await his successor.”