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.
Thrive PR Melbourne has kicked off the year with new appointments, promotions and a new leadership team, marking the delivery of a transformation strategy that’s seen the agency diversify and strengthen its corporate, consumer and integrated digital service offering in Victoria. Lead image: (L-R) – Sophie Maguire, Melanie Campbell, Nathan McGregor, Zoe Raknes, Erika Rutledge, […]
Forbes Australia has announced a slew of new speakers for its second annual Forbes Australia Women’s Summit: ‘Power Rising’. The ‘Power Rising’ event will take place at the Roslyn Packer Theatre in Sydney, led by a star-studded line up of female speakers. “We often learn as much from stories of hardship and failure as we […]
Iconic Australian ad guru Russel Howcroft and industry up-and-comer Freddie Young from Good One Creative have today launched their experimental, no spin advertising podcast, AdMission, in partnership with 9Podcasts. AdMission tells the uncensored stories behind the world’s most talked about brands, ideas, campaigns, advertising news and industry screw ups, as well as offering sharp insight […]
B Corp shop Paper Moose promises all the paper in its name was recycled as it reveals new ethical investment campaign.
According to a new study from CPR First Aid has revealed that Aussies’ most Googled personal goal in the summer is losing weight, new research has found. Their next most researched summer objective is healthy eating, followed by drinking more water. This time of the year, Aussies want to stop snoring and quit smoking more […]
Businesses are integrating customer data platforms with AI and analytics to personalise customer experiences and drive business success, according to a new report from Twilio Segment. Lead image: Kathryn Murphy, SVP of product and design, Twilio. The fifth annual Customer Data Platform Report, which reflects the findings of anonymised usage data from Twilio Segment’s more […]
Word of Mouth Digital, a Sydney-based full-service digital marketing agency, has announced the addition of six diverse brands to its expanding client portfolio. Lead image: Alex and Tash Williams These new partnerships span various sectors, including pet care, cognitive health, home construction, wellness, and retail, showcasing the agency’s commitment to fostering growth through strategic collaboration […]