WPP, the world’s biggest advertising company, today added details to its plan to turnaround a business challenged by structural change in the industry.
In a briefing for investors and analysts in at the London campus, Sea Containers House, WPP didn’t release an update on how the company is trading.
However, CEO Mark Read spoke on how he sees technology shaping WPP’s strategy and how that will change the offer to clients.
“There is no doubt that technology is changing marketing but we believe that our mission of creativity powered by technology is the right one,” he told the briefing.
“It is the right one for our clients who are looking to change their technology, it’s the right one for our people who want to do fantastic work … it’s the right one for our shareholders.”
Read says digital is leading, with growth happening in ecommerce. “It is no longer an analog world,” he says.
WPP has been simplifying its business, consolidating, and repositioning since the departure of founder Sir Martin Sorrell in 2018.
The company was impacted by client losses from the beginning of 2018 through until September 2018 but didn’t lose a major client during 2019.
WPP is in the early stages of a three-year turnaround plan, seeking sustainable growth. To August last year, WPP sold 44 business units over 15 months.
Read describes WPP as a creative transformation company with stronger, more tech-enabled agencies.
The key tasks ahead, according to the London briefing:
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