WPP CEO Mark Read to Step Down After Seven-Year Tenure

THE WHAT? WPP has announced that CEO Mark Read will step down at the end of 2025, following a seven-year tenure marked by restructuring, revenue pressure, and client turnover.

THE DETAILS Read took over in 2018 after the departure of founder Martin Sorrell. During his time, WPP consolidated more than 200 agencies into six core networks and introduced WPP Open, a platform focused on AI-driven marketing. Despite structural changes, the company’s share price has fallen by more than 50% under his leadership.

WPP has lost major clients, including Pfizer, and has seen revenue decline by 1% in 2024. It remains exposed to weaker markets, particularly China, and faces ongoing competition from Publicis, which overtook WPP as the world’s largest advertising group last year. It is currently competing to retain a significant portion of Mars’ non-creative business.

WPP continues to manage accounts for key personal care brands such as Unilever, but the group’s performance and strategic direction remain under scrutiny. Board Chairman Philip Jansen is expected to lead the search for a new CEO, with external candidates likely.

THE WHY?  The leadership change reflects mounting pressure at WPP as clients in beauty and personal care — like other sectors — increasingly shift toward in-house marketing capabilities and demand more from agency partners. The departure raises questions about the future structure of WPP and how it will adapt to changing industry needs.

Source: Reuters

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