Mark Read sees opportunity for WPP in Trump’s America

Chris Pash
By Chris Pash | 28 January 2025
 

Credit: Barth Bailey via Unsplash    https://unsplash.com/@7bbbailey

WPP CEO Mark Read has his eye on opportunities from the new presidency of Donald Trump in the US, including a possible switch to the New York Stock Exchange from London.

“It’s something we keep a watching eye on,” he told the Financial Times in an interview. 

WPP had no current plans but “other CEOs” who have moved to the US have found a “positive experience”. 

The company's business in the US represented about 38% of the whole.

“With the Trump presidency, there’s a resurgence in business confidence in the US,” he said.

The world’s largest advertising is currently restructuring with flat to negative growth in a challenging market.

The company is forecasting full year 2024 like-for-like revenue less pass-through costs at -1% to 0%.

The increasing adoption of AI across the group is part of the company’s underlying strategy for a more efficient enterprise with fewer, “stronger” brands underpinned by new technologies. 

Read’s vision for a more efficient company includes the consolidation of creative into VML, the creation of public relations powerhouse Burson and the so-called “simplification” of GroupM.

But the glue to all this is WPP Open and the adoption of AI, meaning significant investment in new technology.

The company’s share price has been sliding, down 17% since mid December, and is lower than when Read took over in 2018.

“We have to drive top line growth to drive the share price — I’m very focused on that,” Read told the Financial Times.

Read is currently facing a backlash from many of his 110,000 staff over a new policy requiring all to be in the office four days a week, instead of the industry norm of three.

However, Read told the Financial Times that WPP’s Ogilvy office in New York is one of the best-performing agencies. 

“It’s packed — busy and vibrant — you can feel the energy. And I’m sure those things are linked,” he said.

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