Mark Read to leave WPP after 7 years as CEO
Mark Read will step down as CEO of WPP on 31 December after seven years at the helm and more than 30 years at the company.
He is also retiring from the holding group’s board.
The search for his successor is under way.
Read was appointed CEO in 2018, succeeding Sir Martin Sorrell, who stepped down from the role amid investigations into an alleged misconduct.
WPP chair Philip Jansen thanked Read for his work on behalf of WPP’s board. “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, global presence and unrivalled creative talent, setting WPP up well for longer-term success,” he 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, once appointed.”
Over the past seven years, Read has led WPP amid a volatile but growing media investment environment, including through the Covid-19 pandemic and subsequent cost-of-living crisis.
In recent quarters, earnings have slid and a number of top global clients have been lost to rivals, prompting a “journey of transformation” that has involved consolidating its media and creative agency brands.
In May, WPP rebranded GroupM, its media investment arm, to WPP Media and reportedly laid off a large number of staff in the US and the UK.
WPP Media subsequently released an AI-driven “large marketing model”, dubbed Open Intelligence, aimed at creating greater efficiencies for clients.
Demonstrating the tool at the inaugural SXSW London last week, Read admitted there is “no doubt” that, for media companies to “do the work we do today, there will be fewer people involved” thanks to AI-driven efficiencies.
WPP unveils AI-led ‘large marketing model’ Open Intelligence to boost brand performance
In a statement, Read said it has been “an immense privilege to serve as CEO for the past seven years” but noted that “it is the right time to hand over the leadership of this amazing company”.
“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,” he continued.
“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.”
Read added that WPP has been positioned “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”.
He concluded: “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.”
WPP CEO Mark Read: ‘No doubt’ there will be ‘fewer people involved’ in work due to AI
