Mark Read, the chief executive of WPP, is stepping down from what was once the world's largest, and is still the UK's, advertising company.
He’s been with the advertising group for more than 30 years and will stay to the end of the year while a new CEO is found.
“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,” he said.
WPP, undergoing restructuring, has been under pressure with revenue in negative territory, a weak share price and pushback from staff on Read’s back to the office mandate.
The company posted a string of negative numbers for March quarter, with revenue less pass-through costs down 2.7% to £2.482 billion.
The London-based company enforced four days a week in the office from April this year, sparking widespread outrage within WPP, with some starting a petition urging the mandate be overturned.
Read reportedly told staff in an email about the "difficult decisions" that had to be made "to serve our clients better, simplify the company, build our culture and put WPP on a more solid financial footing”.
Philip Jansen, who became chair at the start of this year, thanked Read for his three decades of service.
"During that time 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," said Jansen.
“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.”
Read described WPP is an incredible company with more than 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," he said.
“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.
“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.”
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