WPP set to appoint Mark Read as chief executive as early as next week
WPP is set to appoint Mark Read as its new chief executive as early as next week, replacing Sir Martin Sorrell at the helm of the world's largest advertising firm.
Read, who previously ran WPP's digital agency Wunderman, has long been the preferred internal candidate for the role and his appointment could be confirmed on Tuesday, according to reports.
It would end the global search for Sorrell's successor, which began when the founder quit the company after 33 years in April following a personal misconduct allegation he denied.
Read became joint chief operating officer, alongside Andrew Scott, while Roberto Quarta became executive chairman in the interim.
Despite hiring New York-based recruitment firm Russell Reynolds to lead the search and several top media names being considered, WPP looks set to promote from within.
After a tough year for the £16bn company, Read said in June WPP needed radical change to stay ahead of the digital revolution sweeping through the industry.
He will also be mindful of his former boss' new advertising group.
Just weeks after leaving WPP, Sorrell launched a new company S4 Capital, which struck its first deal last month beating his former employer to a £266m takeover of Dutch digital agency MediaMonks.
WPP declined to comment on the precise timing of an appointment or the identity of the new chief executive but said that news was expected in September.