Mark Read, who has led the UK-based advertising and marketing services giant WPP for seven years, announced that he will retire as CEO and step down from the board effective December 31.
Having spent over 30 years with the company, Read will remain in his position through the end of the year to help facilitate a smooth transition to his successor, who has yet to be named.
WPP, one of the world’s largest advertising holding companies, is currently navigating significant industry changes. The rise of artificial intelligence, the shift to technology-driven marketing models, and competition from major tech firms are reshaping the traditional agency landscape. Under Read’s leadership, WPP has pursued restructuring efforts, including retiring numerous agency brands, closing offices, and reducing debt, to better position the company amid these challenges.
Despite these efforts, WPP has faced headwinds in recent years. The company reported a decline in revenue last year and projects further decreases in 2025 due to a difficult macroeconomic environment. Publicis surpassed WPP as the world’s largest advertising group by revenue last year, and a potential merger between other industry giants looms, intensifying competition.
During his tenure, Read has overseen the simplification of WPP’s complex agency structure and spearheaded initiatives to integrate AI into the company’s media offerings. Most notably, the rebranding of GroupM to WPP Media emphasizes the group’s focus on technology-driven media management and the use of generative AI platforms to enhance campaign development.
Read’s leadership style has contrasted with that of his predecessor, Martin Sorrell, focusing more on streamlining rather than expanding through acquisitions. This approach helped WPP reduce net debt from approximately $3.4 billion in 2023 to $2.3 billion by the end of last year. However, some employees have expressed concerns over morale, especially amid restructuring and a return-to-office mandate.
The CEO search is underway, led by new WPP chairman Philip Jansen. Potential internal candidates include executives such as Brian Lesser, CEO of WPP Media; Johnny Hornby, head of specialist communications; and Andrew Scott, WPP’s COO. Industry observers also anticipate external candidates may be considered to bring fresh perspectives without further radical restructuring.
With input from the Wall Street Journal and Business Insider.
