Mark Read is said to become the new Chief Executive of WPP.
The multinational advertising firm, WPP will have a veteran at the top post to lead the large ad firm.
Mr. Sorrell, the founder, and CEO of WPP resigned in April 2018. He was at the top helm of the company for 33 years and has been the only CEO for the company.
However, even amidst speculation, WPP refuses to comment and says that “the announcement of the CEO will be made once an agreement has been reached”. Richard Oldworth, from WPP, has given the information as an emailed statement.
WPP, which has its base in the United Kingdom, will inherit an industry that faces heavy competition from Facebook and Google. It has taken a month for WPP to find a chief executive.
Read had to convince WPP about his eligibility to head the company, to show that he had the experience and leadership to lead the company.
Though reasons for stepping down of the previous CEO are not provided, WPP has announced that an independent counsel has been hired to investigate into the “personal misconduct alleged” on the former CEO.
“The industry faces structural change“, says Mr. Read. He says, “We need to position WPP towards stronger growth and accelerate the transformation”.
Andrew Scott has jointly been appointed as the Chief Operating Officer of the company.
The Chief Marketing Officer, Shane Atchison terms Mark Read as a person who is not “loud or brash”. He says that Read has the capacity to simplify things that are most complex.
Mark 51 had been promoted to work jointly as the Chief Operating Officer in WPP along with Scott, before being chosen as Chief Executive, after the resignation of Mr. Sorrell. Roberto Quarta who was acting as the Executive Chairman of WPP after the resignation of Mr. Sorrell will go back to being the non-executive chairman of the company.