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| Mark Read |
WPP CEO Mark Read, 58, plans to step down from the helm on Dec. 31 after seven years in the post.
His departure comes as WPP suffered recent account defections from blue-chip clients (Pfizer, Paramount, Coca-Cola), and struggled to keep pace with Publicis Groupe on the technology front.
Read, who took over from Martin Sorrell, is credited with restructuring WPP into a simpler and leaner operation. “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," he said in a statement.
Philip Jansen, former CEO of BT Group, succeeded WPP Roberto Quarta, as chairman earlier this year. He is reportedly has taking a hands-on management role.
Jansen is pleased that Read will continue leading WPP for the rest of the year and remain “focused on the execution of the company’s growth strategy and supporting a smooth transition to his successor.”
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