Mark Read, CEO of global advertising giant WPP, has announced his retirement as the company seeks to reignite growth and navigate shifting market dynamics. WPP, the world’s largest advertising and communications group, has faced growing pressure amid digital disruption and a slowdown in client spending.
Read, who took the reins in 2018 following the departure of WPP founder Sir Martin Sorrell, led a major transformation push—streamlining operations, cutting costs, and investing in data-driven marketing services. However, persistent sluggish sales growth and margin pressures have sparked concerns among investors and industry analysts.
The leadership transition occurs at a key juncture for WPP, which is striving to expand its creative and technology offerings while competing with agile digital-first firms like Accenture Song and tech platforms like Google and Meta. The company said it has initiated a global search for a successor who can chart a bold new direction.
In a statement, Read stated that he is happy of his accomplishments but believes it is time to stand down. “WPP possesses amazing talent and promise. I’m confident it will continue to evolve and thrive,” he said. Analysts predict a strategic shake-up as the company prepares for its next chapter.
