WPP named insider Mark Read as its new chief executive on Monday tasked with replacing its founder Martin Sorrell and steering the world's biggest advertising company through a period of wide scale industry change.
The 51-year-old former board member replaces Sorrell who quit in April over a complaint of personal misconduct, which he denied, and following a year-long sharp downturn in trading due to fierce competition.
Read had stepped up in April to run the company as a joint chief operating officer alongside Andrew Scott. WPP said on Monday that Scott would continue in that role while Roberto Quarta has resumed his role as non-executive chairman.
This story is developing. Please check back for updates.
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