LONDON: WPP plc announced Thursday that CEO Mark Read will retire from the board and step down as chief executive on Dec. 31, 2025, concluding more than 30 years with the global advertising and marketing company, including the last seven as its leader.
The board has begun the process of finding a successor, WPP said in a statement. Read, 57, will remain in his role through the end of next year to oversee the company’s growth strategy and ensure a smooth transition.
Philip Jansen, WPP’s chair, praised Read’s contributions in transforming the company into a leader in modern marketing services, emphasizing its advancements in artificial intelligence, data and technology.
“Mark has played a central role in positioning WPP as a world leader with unmatched creative talent and a strong global presence,” Jansen said. “We thank him for his exceptional leadership and are confident the company is well-positioned for long-term success.”
Read, who became CEO in 2018, led efforts to streamline WPP’s operations, strengthen its creative and performance marketing divisions, and expand its AI capabilities. Under his leadership, WPP was named Creative Company of the Year at the 2023 Cannes Lions International Festival of Creativity. The company also deepened relationships with major clients, now working with four of the world’s five most valuable companies.
“It has been an immense privilege to lead WPP,” Read said. “Our mission was to build a simpler, stronger business powered by technology, and I’m proud of what our teams have achieved.”
He highlighted WPP Open, the company’s AI-driven marketing platform, as a key innovation that positions WPP at the forefront of industry transformation.
“With strong foundations in place, now is the right time to pass the baton,” Read said. “I’m grateful to my colleagues and the board for their support over the years and look forward to helping ensure a seamless transition.”
WPP, listed on the London and New York stock exchanges, employs more than 100,000 people across 110 countries. The company said further updates on the CEO succession process will be provided in due course.
Shares of WPP were little changed in early trading following the announcement.