WPP insider secures top job

LONDON: WPP named insider Mark Read as its new chief executive yesterday, tasked with replacing its founder Martin Sorrell and steering the world’s biggest advertising company through a period of wide scale industry change.

The 51yearold former board member and digital head replaces Sir Martin who quit in April over a complaint of personal misconduct, which he denied, and following a yearlong downturn in trading due to fierce competition.

Mr Read had stepped up in April to run the company as a joint chief operating officer alongside Andrew Scott.

WPP said yesterday Mr Scott would continue in that role while Roberto Quarta had resumed his role as nonexecutive chairman.

Senior colleagues, former executives and analysts have told Reuters they believe Mr Read’s proven track record of running the WPP digital agency Wunderman combined with his knowledge of the sprawling business make him the right man for the job.

Mr Read was seen as the leading internal candidate to become CEO after he spent almost nine years on the board from 2006 to 2015.

He has also worked on strategy, client retention and digital operations since he wrote to Sir Martin asking for a job in 1989.

Mr Read takes over the £16 billion ($NZ31 billion) company at a difficult time as cautious clients question everything they spend and Facebook, Google and consultants such as Deloitte encroach on its turf.

However, WPP, which will report firsthalf results today, has recently been boosted by some highprofile contract wins from adidas, Shell and Mars.