Advertising Age reported WPP CEO Mark Read will bail out on December 31, 2025—and he’ll participate in the search for a successor before presumably pulling the ripcord of his golden parachute.
Seems Read is mimicking his predecessor—Sir Martin Sorrell—by exiting while the White holding company is experiencing severe turbulence in advance of a disastrous crash.
Granted, Sorrell’s departure was unceremonious, filled with scandalous controversy and lacking transparency. By comparison, Read is arguably receiving a 6-month notice—which is roughly half a year more than the typical WPP drone gets before learning they’ve been deemed redundant and/or unqualified.
Anyone surprised by the news simply hasn’t been paying attention to the sorry state of affairs at WPP in recent years. Indeed, the only surprise is Read appears to be leaving of his own volition. Or maybe it’s a Joe Biden-like scenario, where advisors are pressing Read to concede defeat and abandon self-promotional campaigning.
The trade journals are being polite in coverage, probably to avoid pissing off a key source of content. The Wall Street Journal, in contrast, ran a headline declaring, “WPP CEO to Depart After String of Ad Client Defections—The company’s share price has fallen roughly 53% during Mark Read’s tenure.”
In the end, Read is stepping down as CEO—as a result of falling down as CEO.
WPP’s Mark Read stepping down as CEO
By Tim Nudd
WPP CEO Mark Read will exit at the end of the year, the holding company said Monday, and the search is now on for a successor.
Read has been with WPP for more than 30 years and served as its CEO for the past seven. His exit comes at a critical inflection point for the industry, which is in the grips of consolidation—WPP rivals Omnicom and Interpublic Group of Cos. are in the process of merging—and an attempted reinvention for the age of AI.
WPP has underperformed its peers of late, reporting a 1% decline in revenue less pass-through costs last year and a 2.7% drop in the first quarter of this year.
The company’s recent moves include rebranding GroupM as WPP Media and boosting WPP’s AI credentials with its first-ever B2B campaign.
“On behalf of the board, I would like to thank Mark for his contributions not only as CEO but throughout his more than 30 years of leadership and service to the company,” said Philip Jansen, chair of WPP. “During that time Mark has played a central role in transforming the company into a world leader in modern marketing services, with deep AI, data and technology capabilities, global presence and unrivaled creative talent, setting WPP up well for longer-term success.”
Read will remain CEO until Dec. 31 in order to participate in the search for a successor and to help guide the transition once a new CEO is chosen.
“When I took on this role our mission was to build a simpler, stronger business, and put structure and new energy behind our creativity and performance, powered by world-leading technology. I am proud that our teams across the business have delivered that exceptionally well,” Read said.
He added that the company is well-positioned for the future.
“Our business starts with creativity, and I was delighted for our teams that last year we were once again named Creative Company of the Year at Cannes Lions,” he said. “We have also positioned WPP at the forefront of the industry with our investments in AI and, with the full launch of WPP Open this year, we are now leading the way as AI transforms marketing. We have an exceptional leadership team and a secure financial position that allows us to face the future confidently and capture the opportunities ahead.”
Read added that he is “excited to explore the next chapter in my life.”
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