The boss of the UK’s largest advertising firm WPP is to step down at the end of the year.
Mark Read, chief executive of the business, which owns agencies including Ogilvy, has revealed his departure as the company battles the rapid growth of artificial intelligence (AI) in the sector.
Shares in the company dipped after the announcement, moving it closer to the five-year-low it struck in April.
Mr Read has been at the company for 30 years, with seven of those as chief executive.
He took over the top role in 2018 amid a period of upheaval following the resignation of Sir Martin Sorrell amid a workplace inquiry.
Mr Read led the business through a turbulent period as it sought to grow despite pressure from social media giants and the rapid expansion of AI.
In its most recent update in April, WPP reported that revenues dropped by 5% to £3.24 billion for the first quarter of 2025.
Mr Read said: “When I took on this role our mission was to build a simpler, stronger business, and put structure and new energy behind our creativity and performance, powered by world-leading technology.
“I am proud that our teams across the business have delivered that exceptionally well.
“After seven years in the role, and with the foundations in place for WPP’s continued success, I feel it is the right time to hand over the leadership of this amazing company.”
WPP has said its search for a successor is under way.
Former BT boss Philip Jansen, who was appointed WPP chairman last year, said Mr Read will continue to focus on the firm’s growth strategy over the rest of the year.
Mr Jansen added: “On behalf of the board, I would like to thank Mark for his contributions not only as CEO but throughout his more than 30 years of leadership and service to the company.
“During that time Mark has played a central role in transforming the company into a world leader in modern marketing services, with deep AI, data and technology capabilities, global presence and unrivalled creative talent, setting WPP up well for longer-term success.”
This article was written by Henry Saker-Clark from The Evening Standard and was legally licensed through the DiveMarketplace by Industry Dive. Please direct all licensing questions to legal@industrydive.com.