LONDON (Alliance News) - Advertising giant WPP PLC said Monday it has promoted Mark Read, the head of its digital division, to chief executive officer with immediate effect.
The appointment was expected, as it had been reported by several media outlets.
Executive Chairman Roberto Quarta, who had taken on the role of interim CEO while the search was ongoing, said: "The board carried out a rigorous selection process, assessing internal and external candidates.
"That process, alongside Mark's wise and effective stewardship of the business in the last few months, left us with no doubt that he is the right leader for this company, and we are delighted to announce the board's unanimous decision to appoint him as chief executive officer of WPP."
Read - who has been with WPP for nearly 30 years - has been acting as joint chief operating officer alongside Andrew Scott since April when former CEO Martin Sorrell resigned.
Scott will retain his role of chief operating officer, WPP said.
Read said: "Our industry is going through a period of structural change, not structural decline, and if we embrace that change we can look ahead to an exciting and successful future.
"Our mission now is to release the full potential that exists within the company for the benefit of our clients, to accelerate our transformation and simplify our offering, and to position WPP for stronger growth."
Last week, The Times newspaper reported Read's potential appointment. It said Quarta considered several external candidates for the position, but it was thought that it would have been too expensive to appoint a Silicon Valley executive.
https://www.thetimes.co.uk/article/insider-mark-read-set-to-become-new-wpp-chief-zltqf8j2p
The search for a new CEO started after Martin Sorrell resigned in mid-April, following the conclusion of an investigation into what WPP called "an allegation of misconduct" which it said did not "involve amounts that are material" to the company.
Last Friday, Shore Capital said it believed Read's appointment would be "positive" for the company.
"We would view this as a positive appointment, as we believe that continuity in terms of personnel and strategy, a refresh rather than a root and branch review, is a good thing post the abrupt departure of Martin Sorrell and do not advocate a break up of the business - as has been called for in some quarters," Shore analyst Roddy Davidson said.
WPP is due to release its interim results on Tuesday, with Shore saying it does not expect "significant surprises".