WPP appoints Mark Read as Sorrell successor

By Wale Azeez, business reporter
WPP Group has appointed Mark Read as its chief executive officer and successor to founder Sir Martin Sorrell, who resigned amid controversy in April.
Mr Read, a 29-year WPP veteran and one-time protege of its founder, has also been appointed executive director of the group board with immediate effect.
Mr Read, a former CEO of WPP Digital who was on the WPP board for nine years between 2005 and 2015, will be tasked with turning around the world's largest advertising group in the wake of Sir Martin's departure and at a time of industry-wide change.Mr Read stepped up to become WPP joint chief operating officer in April, as Sir Martin quit after 33 years in charge following a complaint of personal misconduct, which he denied.Mr Read's colleague Andrew Scott will continue in that role.
WPP appoints Mark Read as Sorrell successor

Sir Martin quit following a complaint of personal misconduct, which he denied
WPP said Mr Read will receive an annual salary of €975,000 ($1.25m) and an annual bonus of up to 250% of his salary, plus a long-term incentive scheme.
Mr Read's pay comes in below his predecessor's 2017 base salary of €1.15m plus long-term incentive schemes, which over the years paid out tens of millions of pounds, and which had been dogged by investor rebellions over its size.WPP chairman Roberto Quarta 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."
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Mark Read said: "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."
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