It’s Official! Mark Read Appointed WPP CEO & Vows The Company Won’t Be Broken Up

It’s Official! Mark Read Appointed WPP CEO & Vows The Company Won’t Be Broken Up
SHARE
THIS



As has been speculated on B&T for some months, WPP has now confirmed that Mark Read is the global advertising giant’s new CEO, replacing Martin Sorrell who left under a cloud in April.

The search for Sorrell’s successor had taken an exhaustive five months, however, Read had been widely regarded as the favourite to take the top job from the get-go.

For his part, Sorrell immediately offered his “two cents” worth, calling the search a “complete waste of time” such was Read’s favouritism.

The 51-year-old Read has already told British media that he has no plans to break-up the £22 billion ($A39 billion) company nor shed staff. However, WPP has repeatedly said it would be willing to sell underperforming parts of the business.

Details of his package have also been revealed, including an annual salary will be £975,000 ($A1.74 million) with a potential bonus of £250,000 ($A446,260), up to 40 per cent can be deferred into shares over a two year period and a benefits package of £35,000 ($A62,476) within the contract.

However, it’s widely believed that if Read can steady the WPP ship and right its free-falling share price then he stands to make as much as £7 million pounds a year in bonuses.

In a statement released by WPP, Read said of his appointment: “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.

“To achieve that we need to foster a culture that attracts the best and brightest: inclusive, respectful, collaborative, diverse. What makes our company special is its people, and I am very proud to have been given the chance to build a new WPP with them,” added Read.

Roberto Quarta, Chairman of WPP, said: “The Board carried out a rigorous selection process, assessing internal and external candidates. That process, alongside Mark’s wise and effective stewardship of the business in the last few months, left us with no doubt that he is the right leader for this company, and we are delighted to announce the Board’s unanimous decision to appoint him as chief executive officer of WPP.

“Recognised for his leadership throughout the industry, he has an intimate understanding of the business, he enjoys very strong internal support, and he has earned the respect and endorsement of our clients with his constant focus on their needs. He has played a central role in many of WPP’s most successful investments and initiatives, and he has deep experience at board and operational level. 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 organisations. In short, he is in every way a 21st-century CEO,” Quarta added.

Please login with linkedin to comment

Mark Read WPP

Latest News

Aussie Shoe Brand TWOOBS Embraces Anti-Marketing In Push For More Consumer-conscious Shopping
  • Marketing

Aussie Shoe Brand TWOOBS Embraces Anti-Marketing In Push For More Consumer-conscious Shopping

After relaunching in September last year, TWOOBS has become a ‘kinda’ shoe brand by also focusing on making the world a ‘kinder’ place and creating more consumer-conscious shopping. The vegan shoe brand founded by sisters Jess and Stef Dadon changed its marketing approach last year and stopped using social media to push sales the old-fashioned […]

Visit Sunshine Coast Hires New Head Of Marketing
  • Marketing

Visit Sunshine Coast Hires New Head Of Marketing

Highly experienced tourism marketer Kelly Ryan has been appointed to lead the marketing efforts at Visit Sunshine Coast (VSC). During the past 12 years, Ryan has supported Canberra’s tourism industry in senior marketing roles, including as director of strategy and insights as well as director of marketing at VisitCanberra. Most recently, Ryan has been working […]

GHO Sydney And Family Planning NSW Launch ‘Planet Puberty’ Platform
  • Campaigns

GHO Sydney And Family Planning NSW Launch ‘Planet Puberty’ Platform

GHO Sydney has developed a new educational platform for Family Planning NSW to help parents and carers of children with disabilities navigate the changes to their bodies, emotions and social interactions. The project, ‘Planet Puberty’, was made possible through funding from the federal government’s Department of Social Services, and was co-designed with people with disability […]

JCDecaux Announces New Partnership With Bush Heritage Australia
  • Media

JCDecaux Announces New Partnership With Bush Heritage Australia

JCDecaux today announced conservation organisation, Bush Heritage Australia, as its major charity partner for 2021. The partnership is part of a series of ‘social impact’ initiatives the business is launching this year, under the banner of JCDecauxHEART. JCDecauxHEART focuses on three areas of social impact: health and mental health, environmental sustainability, and enriching urban communities. […]

Shameless Duo Michelle Andrews And Zara McDonald Launch New Podcast Exclusive To LiSTNR
  • Media

Shameless Duo Michelle Andrews And Zara McDonald Launch New Podcast Exclusive To LiSTNR

Shameless Media’s Michelle Andrews and Zara McDonald’s latest podcast, The Books That Changed My Life, will launch exclusively on LiSTNR on Tuesday, 15 June. Throughout the series Michelle and Zara will talk with guests including Kevin Kwan, Laura Henshaw, Jock Zonfrillo, Susan Carland, Hamish Blake and Delta Goodrem about the books that have had a profound impact […]

Business and technology concept.
  • Partner Content

Make Your CX Stand Out From The Competition

It's top tips to ensure your CX stands out from the competition. Then again, you could simply plagiarise their stuff.

Partner Content

by B&T Magazine

B&T Magazine
Why The Future of Work Is Hybrid
  • Opinion

Why The Future of Work Is Hybrid

This expert argues the future of work is hybrid. Which is sad news, as B&T'd preferred it was rhumba or the bossa nova.

Champion Launches Pride Campaign And Partnership With Queer Sporting Alliance
  • Advertising
  • Marketing

Champion Launches Pride Campaign And Partnership With Queer Sporting Alliance

In celebration of Pride Month, cult streetwear brand Champion has announced an Australia-and New Zealand-first Pride range, Champions of Pride, and ongoing partnership with the Queer Sporting Alliance. Championing a cause, celebrating community, and aiming to create real change, the capsule collection proudly heroes the Pride colours in a selection of signature Champion tees, iconic […]

UK Based BankiFi Expands To Australia
  • Marketing

UK Based BankiFi Expands To Australia

Following the successful deployment of BankiFi’s technology platform at The Co-operative Bank in the UK, BankiFi has appointed Lloyd Parata to lead their expansion into the Australian Financial Services market. BankiFi’s technology platform ensures banks remain relevant by offering SMEs an innovative solution to operate their business, whilst avoiding common challenges like late payment. Parata, […]

5 Gum Announces New Twitch Partnership
  • Media

5 Gum Announces New Twitch Partnership

Mars Wrigley 5 Gum has partnered with Twitch to launch Team CLUTCH, a team of Twitch streamers who will assemble on for three live squad streams tackling popular games like Fortnite while embodying the brand’s ethos of ‘life happens in 5’. This partnership builds on 5 Gum’s 2020 Twitch activation, and is set to create […]