Mark Read to be appointed new WPP CEO

Mark Read is in negotiations to be the new CEO of WPP, Wall Street Journal confirmed with a person familiar with the matter. According to WSJ, WPP is expected to announce the appointment early this week after the details of Mr. Read’s contract have been finalized.

The Guardian says that in negotiation is pay package worth about £7m annually, half of what Martin Sorrell was paid in 2017. Martin Sorrel stepped down of WPP, in April, this year. 

Alex Webb, opinion columnist at Bloomberg, says that Mark Read is the right CEO to forget Sorrel, but the job is complex as he may have to merge 100 different agencies and simplify WPP structure.

He knows the business as well as anyone, having been at the right hand of Martin all this time. And he knows that the solution to our future is not these acquisitions that keep feeding the growth.”

CEO of one WPP agency, speaking to Reuters on the condition of anonymity.

BBC also wrote that according to reports, Mark Read will be the next CEO of WPP. 

As a public company, WPP will have to announce to the stock exchange when there is an agreement, a spokesman from WPP said to BBC. Multiple newspapers predict the announcement will be done on Tuesday.