WPP Begins CEO Search as Mark Read Announces Exit by End of 2025

Mark Read, the Chief Executive Officer  (CEO) of WPP, one of the world’s five dominant advertising and marketing holding companies — and the largest based in the UK., will step down from his role at the end of 2025.

This decision concludes a seven-year tenure—and more than 30 years with the Company— during which Read spearheaded a significant transformation of the global advertising giant.

The announcement, made by WPP on Monday, initiates a search for a successor to lead the company into its next phase.

Read, who assumed the leadership in 2018 following the departure of founder Martin Sorrell, has been credited with simplifying WPP's complex structure. 

Read will leave WPP more integrated-- after years of acquisitions by Sorrell, who created the world's largest ad group through buying agencies including J. Walter Thompson in 1987, Ogilvy in 1989, Young & Rubicam in 2000 and Grey in 2004.

He has consolidated WPP's more than 200 brands into six core companies and introduced WPP Open, an AI-powered marketing platform, aiming to provide a more integrated service to clients. 

"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 stated. 

This more integrated group has won more business from its major clients, which include the likes of Ford, Google and Unilever. He further emphasized the company's improved client relations, noting, "Our clients today rate us more highly than ever before, we now work with four of the world's five most valuable companies, and our revenues with our biggest clients have grown consistently."

Despite these strategic realignments, WPP has faced considerable challenges. The company has actually lost its position as the largest ad group to France's Publicis last year. Its share price has halved since Read took the helm, impacted by intense competition, technological shifts, and significant client losses, notably Pfizer and Mars‘ 1.7$ billion global media business that was won by Publicis Groupe. WPP's EssenceMediacom has held Mars media planning and buying accounts since 2018.

There was also more recently Coca-Cola. It was a big blow for the holding when Publicis has won Coca-Cola's North American media, worth $785m last year, from WPP's GroupM in a closed pitch.

Moreover, WPP's greater exposure to the Chinese market and the disruptive potential of artificial intelligence, which empowers clients to internalize more of their marketing campaigns, have also contributed to its struggles.

The company that has long been a heavyweight, shaping the future of brand communication across every continent, reported a 1% decline in organic revenue in 2024, with mixed forecasts for 2025.

Philip Jansen, former Worldpay and BT boss, who was appointed Chair of WPP's board earlier this year, fuelling speculation that he may shake up management of a company with more than 100,000 staff. 

Besides, Jansen praised Read's contributions saying "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 unrivalled creative talent, setting WPP up well for longer-term success."

He added that Read would continue to lead the FTSE 100 group until the end of the year to ensure a smooth transition to his successor.

Read expressed his conviction that "After seven years in the role, and with the foundations in place for WPP's continued success, I feel it is the right time to hand over the leadership of this amazing company."

The search for a new CEO is underway, with expectations from some major shareholders that WPP may look externally for new leadership. 

One thing is sure, WPP‘s incoming chief execs, will inherit a company navigating a fiercely competitive landscape, facing downward pressures on client ad budgets, and the profound impact of AI on the traditional advertising agency model.