Mark Read steps into top WPP role following Sir Martin Sorrell’s departure
Advertising giant WPP has confirmed the appointment of Mark Read as chief executive officer replacing its founder Sir Martin Sorrell, who left the role in April.
The role in the firm had been vacant for many months following Sorrell’s departure from the company after 33 years, following allegations of personal misconduct.
Read, who was previously WPP’s co-chief of operations alongside Andrew Scott, will now step into the role, joining the board as an executive director.
It’s also being reported that Read will receive a shareholder-approved annual salary of £975,000 which, after bonuses subject to company performance, could increase to around £7m per year by 2023.
The group’s chairman, Roberto Quarta, said in a statement: “He has an intimate understanding of the business, he enjoys very strong internal support, and he has earned the respect and endorsement of our clients,” said Quarta in a statement this morning.
“He understands the importance of culture in creating successful organisations. In short, he is in every way a 21st-century CEO.”