Mark Read has been the chief operating officer of WPP since April, when Sorrell left – promoted from the position of chief executive officer of Wunderman, which he had held since January 2015.
WPP has confirmed Read’s appointment as CEO on September 4, when the group announces half-year results.
The company made this statement:
“Recognised for his leadership throughout the industry, he has an intimate understanding of the business, he enjoys very strong internal support, and he has earned the respect and endorsement of our clients with his constant focus on their needs. He has played a central role in many of WPP’s most successful investments and initiatives, and he has deep experience at board and operational level. Most recently, Mark led the transformation of Wunderman into one of the world’s top digital agencies, and he understands the importance of culture in creating successful organisations. In short, he is in every way a 21st-century CEO.”
Read commented, “WPP is a great company with exceptional people and strong relationships with clients who place a high value on our work. Few organisations have our global reach – 130,000 people delivering results for clients in 112 different countries. Fewer still have our powerful combination of creativity and expertise in technology and data.
“Our industry is going through a period of structural change, not structural decline, and if we embrace that change we can look ahead to an exciting and successful future. Our mission now is to release the full potential that exists within the company for the benefit of our clients, to accelerate our transformation and simplify our offering, and to position WPP for stronger growth.
“To achieve that we need to foster a culture that attracts the best and brightest: inclusive, respectful, collaborative, diverse. What makes our company special is its people, and I am very proud to have been given the chance to build a new WPP with them.”
Read has been in and out of WPP since 1989, when he became corporate development manager. He left in 1995 to spend four years at PwC’s strategy consultancy, Strategy&, before he founded he start-up online loyalty rewards business, WebRewards, and became its joint CEO. After seeling that, he rejoined WPP in 2002 as director of strategy and remained in that position for twelve and half years, becoming a board member and CEO of WPP Digital in 2006.
In January 2015, he became CEO of WPP subsidiary, Wunderman.
Read has already launched an internal review of company conduct rules, responding to the allegations about Sorrell’s bullying staff, which the ex-CEO has denied.
Meanwhile, WPP had undertaken a global search to replace Sorrell, through New York recruiting agency, Russell Reynolds, which it has now abandoned.
Read’s job will be taxing at first. WPP’s shares dropped by 29% in the last two years, although they have rebounded by 7.6% since Sorrell’s departure.
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