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WPP has ap­pointed Mark Read as Chief Ex­ec­u­tive Of­fi­cer and Ex­ec­u­tive Di­rec­tor to WPP Board with im­me­di­ate ef­fect.

Roberto Quarta, Chair­man of WPP, as­serted that the Board car­ried out a rig­or­ous se­lec­tion process, as­sess­ing in­ter­nal and ex­ter­nal can­di­dates. He said: “That process, along­side Mark’s wise and ef­fec­tive stew­ard­ship of the busi­ness in the last few months, left us with no doubt that he is the right leader for this com­pany.”

Read has played a cen­tral role in many of WPP’S most suc­cess­ful in­vest­ments and ini­tia­tives, and is said to have deep ex­pe­ri­ence at board and op­er­a­tional level. Most re­cently, Mark led the trans­for­ma­tion of Wun­der­man into one of the world’s top dig­i­tal agen­cies. “He un­der­stands the im­por­tance of cul­ture in cre­at­ing suc­cess­ful or­gan­i­sa­tions. In short, he is in every way a 21stcen­tury CEO,” added Quarta who re­sumed his role as Non-ex­ec­u­tive Chair­man on the ap­point­ment of Mark Read as Chief Ex­ec­u­tive Of­fi­cer.

Mark Read said: “Our in­dus­try is go­ing through a pe­riod of struc­tural change, not struc­tural de­cline, and if we em­brace that change we can look ahead to an ex­cit­ing and suc­cess­ful fu­ture. Our mis­sion now is to re­lease the full po­ten­tial that ex­ists within the com­pany for the ben­e­fit of our clients, to ac­cel­er­ate our trans­for­ma­tion and sim­plify our of­fer­ing, and to po­si­tion WPP for stronger growth

“To achieve that we need to foster a cul­ture that at­tracts the best and bright­est: in­clu­sive, re­spect­ful, col­lab­o­ra­tive, di­verse. What makes our com­pany spe­cial is its peo­ple, and I am very proud to have been given the chance to build a new WPP with them.” WPP em­ploys 130,000 peo­ple in 112 dif­fer­ent coun­tries. Mark Read’s an­nual salary has been an­nounced to to­tal up to £975,000 with an­nual bonus of up to 250% of salary with manda­tory de­fer­ral of at least 40% of bonus into shares de­ferred for a two-year pe­riod.

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