World’s largest advertising company, WPP has appointed Mark Read as Chief Executive Officer and the board has also named him as the Executive Director. This appointment comes after the exit of Sir Martin Sorrell in April 2018.
Commenting on his appointment, Chairman of WPP, Roberto Quarta, 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."
Read has played a key role in many of WPP’s most successful investments and initiatives, and he has deep experience at board and operational level. The newly appointed CEO feels that WPP is a great company with equally exceptional people. According to him, there are very few organizations that has a global reach of130,000 people wokring in 112 different countries.
Addressing the employees, he 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."
Read has urged his colleagues that to achieve what the organization needs every one of them has to create a culture that attracts the best and brightest of everything. He stressed on the people of WPP and he is proud of his new role to lead the company with their support.
Roberto Quarta has now resumed his role as Non-Executive Chairman after the appointment of Mark Read as CEO. Andrew Scott will continue with the role of Chief Operating Officer of WPP.
Mark Read will be paid in accordance with the Compensation Policy approved by shareowners on 7 June 2017, as set out in the 2016 Annual Report.
Annual Salary of £975,000.
Annual Bonus of up to 250% of salary with mandatory deferral of at least 40% of the bonus into shares deferred for a two-year period.
LTIP award of 350% of salary. The performance will be measured over a five-year period using measures in line with our Compensation Policy.
A cash allowance of 20% of salary, less employers’ national insurance, in lieu of pension.
A benefits allowance of £35,000 per annum to cover health, risk and other benefits.
His contract of employment contains restrictive covenants including an industry non-compete, a non-deal with clients and a non-poach and non-employ of key WPP individuals.