“There’s never a perfect time to move on”: Mark Read reflects on WPP tenure ahead of exit

Mark Read, chief executive of WPP, announced on Monday that he will step down from his role in December, following a turbulent period for the global advertising network.

Read, who has spent three decades with the company and served as CEO since 2018, is set to leave amid declining earnings and major client losses. A successor has not yet been named, but WPP confirmed a search is underway.

The company has faced mounting pressure over the past six months, losing key media accounts, including Coca-Cola’s North America business and its long-standing partnership with Paramount. These developments have contributed to a disappointing performance through the end of 2024 and into the first quarter of 2025.

In response, WPP rebranded its media investment arm GroupM to WPP Media earlier this year and initiated internal restructuring efforts, which included undisclosed staff reductions.

“I’m leaving WPP with an exceptional leadership team and a secure financial position that allows [it] to face the future confidently and capture the opportunities ahead,” Read said in a statement on Linkedin.

Read’s tenure has been defined by widespread agency consolidation, operational streamlining, and recent moves into artificial intelligence. Under his leadership, WPP has aimed to modernise its infrastructure while responding to shifts in client demand and industry trends.

WPP, headquartered in London, remains one of the world’s largest advertising conglomerates, though recent client and earnings setbacks have raised questions about its competitive footing in an evolving industry landscape.

Mark Read's full statement:

"WPP is an amazing company with incredible people and wonderful clients. There’s never a perfect time to move on from such an organisation, but after almost seven years as CEO, I’ve decided that this is the right time for me. I’m going to stay fully committed as CEO until the end of the year, helping the Board to appoint my successor.

I feel very lucky to have worked with so many talented, kind and dedicated colleagues at WPP, and to have made so many lifelong friends. We’ve achieved so much together. Today, WPP is a simpler, stronger business, serving four of the world’s most valuable companies as their leading marketing partner. We’ve taken on huge new assignments from many of the world’s biggest brands. Our revenues with our largest clients have grown consistently, and our client satisfaction scores are at record highs.

WPP is made up of many disciplines and people across media, creative, design, public relations, production and more. When they come together, something special happens and we deliver outstanding results for clients. We see this recognised in the awards that we win, not just at Cannes but at the Festival of Media and countless other industry events. I’m never prouder of our teams than when we are named Creative Company of the Year at Cannes and we’re all looking forward to this year’s festival.

We’ve been working hard to put AI at the heart of WPP’s business for the last two years. The progress our teams have made has been superb and when I “demo" WPP Open to our clients they are always amazed by what it can do. Equipping our people with the power of AI is the best way to help them build their careers in a fast-changing world, do even better work and deliver stronger results for our clients.

The current environment may be challenging for every business but I’ve every confidence in our people and our capabilities. The future for WPP is a bright one, and clients understand the long-term value of what we do.

It has been an immense privilege to lead this extraordinary company, made up of so many creative and committed people all over the world. I would like to thank every one of them for everything they do. People often say they couldn't have done anything without their team, but in a company like WPP that is simply a fact. Despite all our investments in technology, we are ultimately a people business. It’s our people who make things happen, support one another, come up with ideas, inspire our clients, figure out an ever more complicated media world and produce work of such great craft and impact. They are what makes WPP the fantastic company it is, and I am very proud to have worked alongside them.

I’d also like to thank our brilliant clients who have entrusted us with their brands, and our world-leading partners, who have supported and enhanced our business in so many ways.

I’m grateful to all of you, but it’s not goodbye. And for now it’s very much business as usual at WPP and for me."