WPP today confirmed the appointment of Mark Read as Chief Executive Officer (CEO) and his appointment to the Board of WPP as an Executive Director.
Roberto Quarta, Chairman of WPP, said that the board doesn’t doubt that Mark Read is the right leader for WPP. Quarta said Read played a central role in many of WPP’s most successful investments and initiatives, and he has deep experience at board and operational level. According to WPP, most recently, Mark led the transformation of Wunderman into one of the world’s top digital agencies, and he understands the importance of culture in creating successful organizations.
Roberto Quarta has resumed his role as Non-Executive Chairman on the appointment of Mark Read as Chief Executive Officer.
Andrew Scott will continue in his role as Chief Operating Officer of WPP on a permanent basis as a member of the senior management team.
“Our industry is going through a period of structural change, not structural decline, and if we embrace that change we can look ahead to an exciting and successful future. Our mission now is to release the full potential that exists within the company for the benefit of our clients, to accelerate our transformation and simplify our offering, and to position WPP for stronger growth.”Mark Read
According to WPP, Mark Read will be paid in accordance with the Compensation Policy approved by share owners on 7 June 2017, as set out in the 2016 Annual Report: annual Salary of £975,000; annual Bonus of up to 250% of salary with mandatory deferral of at least 40% of bonus into shares deferred for a two-year period; LTIP award of 350% of salary.
Performance will be measured over a five-year period using measures in line with our Compensation Policy. A cash allowance of 20% of salary, less employers’ national insurance, in lieu of pension.A benefits allowance of £35,000 per annum to cover health, risk and other benefits.
His contract of employment contains restrictive covenants including an industry non-compete, a non-deal with clients and a non-poach and non-employ of key WPP individuals.