WPP (WPP, Financials) said Monday that CEO Mark Read will step down at the end of 2025, ending a seven-year tenure that included a major restructuring and focus on artificial intelligence.
Read, who succeeded founder Martin Sorrell in 2018, merged over 200 agencies into six core units and launched the AI-driven WPP Open platform. However, WPP's shares have more than halved under his leadership, with revenue growth lagging and client losses including Pfizer.
Board Chair Philip Jansen, appointed in January, praised Read's efforts to modernize WPP. A successor has not been named, though investors expect the board to look externally. The company's 2025 outlook remains weak, with revenue forecast to be flat to down 2%.
