WPP: COO Mark Read promoted as CEO
(CercleFinance.com) - WPP said on Monday that Chief Operating Officer Mark Read will become the group's next chief executive, four months after the advertising giant announced the surprise departure of Martin Sorrell.
The promotion, which comes after a selection process of both internal and external candidates, was seen as a signal that the advertising giant preferred to recruit internally, as Mark Read "enjoys very strong internal" knowledge, according Roberto Quarta, the chairman of WPP.
"He has played a central role in many of WPP's most successful investments and initiatives, and he has deep experience at board and operational level," Quarta said.
"Most recently, Mark led the transformation of Wunderman into one of the world's top digital agencies, and he understands the importance of culture in creating successful organisations," the non-executive chairman added.
Read will receive an annual salary of 975,000 pounds, along with an annual bonus of up to 250% of his salary, plus cash and benefits allowance.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The promotion, which comes after a selection process of both internal and external candidates, was seen as a signal that the advertising giant preferred to recruit internally, as Mark Read "enjoys very strong internal" knowledge, according Roberto Quarta, the chairman of WPP.
"He has played a central role in many of WPP's most successful investments and initiatives, and he has deep experience at board and operational level," Quarta said.
"Most recently, Mark led the transformation of Wunderman into one of the world's top digital agencies, and he understands the importance of culture in creating successful organisations," the non-executive chairman added.
Read will receive an annual salary of 975,000 pounds, along with an annual bonus of up to 250% of his salary, plus cash and benefits allowance.
Copyright (c) 2018 CercleFinance.com. All rights reserved.