WPP CEO Mark Read Steps Down Amid AI Disruption and Industry Challenges

WPP boss Mark Read steps down as advertisers struggle with rise of AI

WPP chief executive Mark Read is standing down from the UK's largest advertising group, as it struggles with a near five-year low in its share price and industry-wide upheaval caused by artificial intelligence. Read's exit will end a more than 30-year career at WPP and leaves it looking for a new chief executive during one of the most turbulent periods ever for the industry. He will continue as chief executive until the end of the year while the board starts the search for a successor. Former BT boss Philip Jansen became chair of the group at the start of the year, sparking speculation about the future of Read, who took over from Sir Martin Sorrell in 2018. In an internal note to staff seen by the Financial Times, Read said "there is never a perfect time to move on as CEO . . . but this feels like the right time for me". In a statement to the stock exchange on Monday morning, Jansen said Read had "played a central role in transforming the company into a world leader in modern marketing services". During Read's tenure as chief executive, WPP's share price has halved, taking its market capitalisation to about £6bn, while he sought to restructure and streamline the group's global operations and invest more in technology. WPP last year lost its position as the world's largest ad agency by revenues to French rival Publicis, while its two largest US rivals -- Omnicom and IPG -- have announced plans to merge to create a single, North American advertising heavyweight. WPP is still Britain's biggest advertising group, with revenues of close to £15bn and more than 100,000 employees around the world. Read took over from Sorrell in 2018 -- who resigned after an inquiry into his workplace conduct -- and has overseen the company as it has tried to reorientate its business to cope with the dominance of the advertising market by tech giants Meta and Alphabet. Social media and influencer content have become key marketing channels, while traditional advertising media such as TV have shrunk in importance. More recently, Read has pushed WPP to invest hundreds of millions of pounds in AI, which has threatened to upend the advertising agency model by offering much quicker and cheaper ways to do labour-intensive creative and media planning work. More than 50,000 people now use WPP Open, its AI platform, to assist them with their work. Read told the FT in January that WPP needed to move on from a difficult period of restructuring and rebuild its network of businesses with AI at the centre. In the internal note to staff, Read said the company had "needed to make many difficult decisions that were necessary to serve our clients better, simplify the company, build our culture and put WPP on a more solid financial footing". He added: "We have also lived through some of the most challenging external events of modern times, from the pandemic to the war in Ukraine, and navigated an increasingly polarised and difficult world . . . However, I strongly believe that the future for WPP is a very positive one."

WPP chief Mark Read steps down as ad agency battles AI

CEO to leave global advertising group after three decades as shares lag at lowest level in about five years The boss of WPP, Mark Read, has announced he will step down, as the advertising agency which was once the largest in the world struggles against the rise of AI and its shares lag at their lowest level in about five years. Read will leave WPP after more than 30 years, with just under seven spent in the top job. He will stay on as chief executive until the end of the year while the board starts to look for his successor. WPP's share price has shed about half its value under his leadership, as the company has struggled against the rise of AI tech that helps companies to automate the creation of adverts. The chair of WPP, former BT boss Philip Jansen, said Read "played a central role in transforming the company into a world leader in marketing services". Jansen, a City heavyweight, triggered speculation about Read's position as chief executive when he joined as chair at the start of the year. Last year the group lost its crown as the biggest ad agency in the world by revenue to its French rival Publicis. Omnicom and rival group Interpublic agreed to combine in a $13.3bn deal, compared with WPP's market value of £5.9bn. Read took over in 2018 from Sir Martin Sorrell, who bought a small Kent-based maker of wire baskets in 1985 and built it into the world's largest marketing services group. Sorrell left amid allegations of personal misconduct which he denied. Read has overhauled the group over the course of his tenure, merging agencies and selling off some businesses, which has helped cut net debt. However the shares have lost more than a quarter of their value in the past year alone, as tech companies such as Google, Meta Platforms and Amazon have become dominant advertising names in their own right. This month Meta, which owns Facebook and Instagram, said it will start helping advertisers fully create and target campaigns using AI tools, including images, video and text. Weakness in WPP shares had also prompted speculation that it could become a takeover target by a bigger rival or an activist investor hoping to shake up the business. Shares in WPP dropped by 2% in early trading on Monday after the news of Read's departure.

WPP CEO to Depart as Ad Industry Reckons With Tariffs, AI -- Update

WPP said Chief Executive Mark Read would step down at the end of the year, kicking off the search for a successor as the London-based advertising and marketing-services group braces for what could be weaker spending from clients as many companies turn cautious amid President Trump's tariffs. Read--who has been at the company for more than 30 years and took the helm in September 2018--is set to retire from the board and as chief executive officer on Dec. 31. He previously held multiple leadership positions across the company, including nine years as an executive director. The executive said it was the right time to hand over the reins of WPP after seven years in the job. During his tenure, WPP's share price has fallen roughly 53% as the advertising and marketing industry faced a pandemic, the artificial-intelligence revolution and tariffs that could affect spending from clients. Companies are turning cautious amid President Trump's tariff policies, and groups like WPP are first in line when clients cut spending on advertising. Read told The Wall Street Journal in an interview in April that marketers had been cautious as they waited for clarity on tariffs, but general unease and uncertainty hadn't yet led to major spending cuts. "I think there's just a general level of uncertainty and unease, but that's yet to translate into major changes by clients in terms of how they approach their marketing investments," he said. The group recently confirmed its full-year guidance despite reporting a slightly weaker start to the year than analysts expected, with like-for-like revenue less pass-through costs down 2.7% in the first three months of the year compared with the same period of 2024. Early Monday, WPP shares traded down 10.8 pence, or 1.9% lower, at 548 pence. They are down 34% year-to-date and 28% lower over the past year. In a move to bolster its AI capabilities, WPP acquired InfoSum in April as it seeks to strengthen its data offering. The company said the deal represents a major investment in its artificial intelligence driven data offer but didn't disclose financial details. Write to Elena Vardon at elena.vardon@wsj.com and Najat Kantouar at najat.kantouar@wsj.com

Ad group WPP says CEO Mark Read to step down at end of the year

Meta aims to fully automate advertising with AI by 2026, WSJ reports Mr. Mark J. Read is a Chief Executive Officer & Executive Director at WPP Plc, a Chief Executive Officer at WPP Digital, a Chairman-Digital Councilor at The Natural History Museum, a Chief Executive Officer at KBM Group LLC, a Global Chairman at Blast Radius, Inc. (Canada) and a Global Chief Executive Officer at Webrewards Ltd. He is on the Board of Directors at The Paley Center for Media, WPP Plc, AKQA Ltd., Quasar Media Pvt Ltd., eCommera Ltd., Finsbury Glover Hering Corp., NuConomy, Inc. and WPP 2005 Ltd. Mr. Read was previously employed as a Global Chief Executive Officer by Wunderman, Inc., an Executive Director & Strategy Director by WPP 2012 Ltd., an Executive Director by WPP Plc, a Member-Supervisory Board by HighCo SA, a Chairman by Blast Radius, Inc., and a Principal by Booz Allen Hamilton International (U.K.) Ltd. He also served on the board at The&Partners London Ltd. He received his undergraduate degree from Trinity College, Cambridge and an MBA from INSEAD.

WPP CEO to Depart as Ad Industry Reckons With Tariffs, AI -- 2nd Update

WPP said Chief Executive Mark Read would step down at year-end, triggering a search for a successor as the advertising and marketing giant grapples with AI-driven change and the fallout from tariffs that could hurt client spending. Read, who took the helm of WPP in September 2018, is set to retire from the board and as chief executive on Dec. 31. He spent more than 30 years at the company, where he held multiple leadership positions, including nine years as an executive director. Read noted in a statement that it was the right time to hand over the reins of WPP after nearly seven years in the job. His departure news is a sign that investors won't wait any longer for a change to revive the group's share price, AJ Bell Russ Mould said in a note to clients. "WPP needs a complete overhaul and that won't come easily or quickly," he noted. WPP shares traded 1.9% lower on Monday. The stock is down 34% in the year to date. During Read's tenure as CEO, WPP's share price has fallen roughly 53% as the advertising and marketing industry navigated a pandemic, the artificial-intelligence revolution and tariffs that could affect how much clients are willing to pay for ads. Companies are turning cautious amid President Trump's tariff policies and groups like WPP are first in line when clients cut spending. Read said in an interview with The Wall Street Journal in April that ad spending by auto companies and technology-device makers could be at risk from tariffs. Marketers were waiting for clarity on tariffs, but general unease and uncertainty hadn't yet led to major spending cuts, he said at the time. "I think there's just a general level of uncertainty and unease, but that's yet to translate into major changes by clients in terms of how they approach their marketing investments," Read said. The group recently confirmed its full-year guidance despite reporting a slightly weaker start to the year than analysts expected, with like-for-like revenue less pass-through costs down 2.7% in the first three months of the year compared with the same period of 2024. Meanwhile, the company is reckoning with artificial intelligence, a double-edged sword for advertising giants. While the technology presents an opportunity to streamline operations like generating copy and visuals in seconds, WPP and its rivals face pressure to justify their fees as clients can now access sophisticated AI tools and generate ads on their own. In a move to bolster its AI capabilities, WPP in April acquired InfoSum to strengthen its data offering. The company said the deal represented a major investment in its AI-driven data offer, but didn't disclose financial details. The group has been expanding its partnerships, including with Heineken using an in-house AI platform for shopper-marketing activities. The company also invested in U.K.-based Stability AI to leverage its models across image, video, 3D, and audio to improve marketing and advertising campaigns. Read said in an interview that the group is already benefiting from its investments in artificial intelligence. Write to Najat Kantouar at najat.kantouar@wsj.com and Elena Vardon at elena.vardon@wsj.com