WPP set to name Mark Read as new chief executive

WPP is poised to name Mark Read as its new chief executive as early as next week. Mr Read has been touted as the leading internal candidate since Sir Martin Sorrell stepped down as chief executive of the world’s biggest advertising company in April.

The former digital boss of WPP stepped up to become joint chief operating officer of the company after Sir Martin quit following a complaint of personal misconduct that he denied.

WPP, which is due to publish results next Tuesday, declined to comment.

Should the appointment be confirmed, Mr Read will be taking over the £16bn company at a difficult time, as the industry goes through a period of unprecedented change as clients seek to save costs by doing some digital marketing themselves and others turn to consultants for advertising advice. Others are placing ads directly on Google and Facebook.

Meanwhile, Sir Martin has announced his intention to create a digital-only marketing empire through his new venture S4 Capital.