WPP’s Mark Read Enforces More Media Agency Oversight

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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