September 3, 2018 - Posted at CNBC: WPP named insider Mark Read [pictured] as its new chief executive on Monday tasked with replacing its founder Martin Sorrell and steering the world's biggest advertising company through a period of wide scale industry change.
The 51-year-old former board member and digital boss replaces Sorrell who quit in April over a complaint of personal misconduct, which he denied, and following a year-long sharp downturn in trading due to fierce competition.
Read had stepped up in April to run the company as a joint chief operating officer alongside Andrew Scott. WPP said on Monday that Scott would continue in that role while Roberto Quarta has resumed his role as non-executive chairman.
"WPP is a great company with exceptional people and strong relationships with clients who place a high value on our work," Read said in a statement. More...