WPP has announced it will discontinue its Russian operations following the country’s invasion of the Ukraine, the world’s biggest media company saying its continued presence in the country would be “inconsistent” with WPP values.
WPP’s decision follows news from Cannes Lion organisers over the weekend that Russian agencies would be excluded from entering or attending this year’s festival in June. Read more HERE.
Announcing its decision to pull out of Russia, WPP said in a statement: “WPP stands with Ukraine and the international community in condemning the Russian invasion, which has created a humanitarian crisis in the heart of Europe.
“The Board of WPP has concluded that WPP’s ongoing presence in Russia would be inconsistent with our values as a company, and we are therefore discontinuing our operations in the country.”
WPP employs about 1400 people in its Russian agencies and it represented 0.6 per cent of revenue less pass-through costs in 2021.
It said it “deeply regretted” the impact of the decision on its Russian staff, and it would support them, as well as working closely with clients and partners, as it withdrew from the country.