Mark Read
Mark Read

WPP chief Mark Read is selling a 49.99 percent stake to management of the revamped Finsbury Glover Hering, which will launch early next year with nearly 700 staffers in 18 countries.

FGH is a mash-up of Finsbury, Glover Park Group and Hering Schuppener, which had a strategic partnership in place.

Roland Rudd and Carter Eskew, founders of Finsbury and GPG, respectively, will co-chair the new firm that Alexander Geiser, managing partner of HS, will helm.

Read said the corporate revamp fits WPP's plan to simplify and integrate operations.

He will sit on the board of FGH, which he predicted would be a "global powerhouse in strategic communications."

Based in New York, FGH will have offices in Washington, Los Angeles, London, Dublin, Brussels, Berlin, Moscow, Dubai, Riyadh, Shanghai, Hong Kong, Beijing, Singapore and Tokyo.