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Ad giant WPP 'to name Mark Read as CEO' Ad giant WPP 'to name Mark Read as CEO'
(about 2 hours later)
Advertising giant WPP is to name board member Mark Read as its next chief executive, according to reports. Advertising giant WPP is to name Mark Read as its next chief executive, according to reports.
Currently co-chief operating officer, he will replace Sir Martin Sorrell who quit the firm in April following a scandal.Currently co-chief operating officer, he will replace Sir Martin Sorrell who quit the firm in April following a scandal.
Sir Martin, who founded the firm in 1971, had faced a complaint of personal misconduct which he denied. Sir Martin, who founded the firm in 1986, had faced a complaint of personal misconduct which he denied.
WPP declined to comment on the appointment but did say an announcement would be made in September.WPP declined to comment on the appointment but did say an announcement would be made in September.
"We will not be drawn on the timing of the naming of our next chief executive, nor on who that may be," said a spokesman."We will not be drawn on the timing of the naming of our next chief executive, nor on who that may be," said a spokesman.
"As soon as there is an agreement with a candidate we will be obliged to make an announcement to the stock exchange.""As soon as there is an agreement with a candidate we will be obliged to make an announcement to the stock exchange."
The appointment could be announced as early as next Tuesday when WPP reports its interim results, the Financial Times reported quoting multiple sources.The appointment could be announced as early as next Tuesday when WPP reports its interim results, the Financial Times reported quoting multiple sources.
Mr Read has been running WPP on an interim basis since Sir Martin resigned following a probe into alleged misuse of company money.Mr Read has been running WPP on an interim basis since Sir Martin resigned following a probe into alleged misuse of company money.
Within weeks of his departure, Mr Read launched an internal review of company conduct rules.Within weeks of his departure, Mr Read launched an internal review of company conduct rules.
He will take up his role at a difficult time for WPP, which issued a number of warnings about growth last year and reported its worst financial year since 2009.He will take up his role at a difficult time for WPP, which issued a number of warnings about growth last year and reported its worst financial year since 2009.
The firm faces intense competition from the likes of Google and Facebook as more advertising moves online.The firm faces intense competition from the likes of Google and Facebook as more advertising moves online.