WPP’s Mark Read Enforces More Media Agency Oversight
WPP CEO Mark Read is encouraging media agencies within the holding group to report any pitches that could deliver at least $20 million in revenue.
The move would see an increase in corporate oversight of media agency pitch wins and the new-business process for WPP.
According to The Wall Street Journal, Read’s mandate will allow WPP media agencies to partner with other units, meaning a reduction in internal competition at the holding group.
As an example, Read referred to an instance when MediaCom partnered with Wunderman and Possible for a Mars pitch, which MediaCom ultimately won.
Speaking on the decision, Read said: “Often, there’s one company in the lead… But increasingly, it’s a number of different WPP companies.”
The move follows a spate of client losses from WPP, with American Express, HSBC and United Airlines in the US.
It allows comes after a wave of internal consolidation at the holding company, with WPP merging Y&R and VML.
The merger will create a new agency VMLY&R that it said will deliver a contemporary, fully integrated digital and creative offering to clients on a global scale.
As well as this, WPP is now looking to sell a majority stake in market research unit Kanter, following reports this morning.
The reports come after B&T revealed WPP AAUNZ ex-CEO Mike Connahghan’s exit coincided with a profit warning for the business that saw WPP AUNZ’s shares plunge a whopping 35 per cent.
It also comes amid industry speculation that Connaghan had been tasked with breaking up the company – something he was particularly loath to do.
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