WPP confirms Mark Read as top boss Sir Martin Sorrell’s replacement

WPP has confirmed the appointment of Mark Read as chief executive of the world's largest marketing agency, replacing its founder Sir Martin Sorrell who left the role in April.

Read had long been the bookies' favourite for the position, although other top names such as IBM's David Kenny and industry veteran Hamish McLennan had also been considered close to the finish line.

Previously the firm's co-chief of operations alongside Andrew Scott, Read will take over at the helm of WPP and join its board as an executive director with immediate effect.

The role had been empty for several months in the wake of Sorrell's departure, who quit after 33 years following a personal misconduct allegation he denied.

Read more: WPP set to appoint Mark Read as chief executive as early as next week

Additionally, Read will be paid a shareholder-approved annual salary of £975,000 which, after bonuses subject to company performance, could increase to around £7m per year by 2023. It comes after Sorrell faced multiple investor revolts over his pay packets in recent years, which in 2015 rose as high as £70.4m.

The group's chairman, Roberto Quarta, said Read's running of the organisation while it was without a CEO over the last few months led the board to make a unanimous decision on his appointment.

"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."

Read more: IBM top executive joins the race to succeed Sorrell as next WPP chief

Scott will continue on as the firm's permanent operations chief.

WPP's share price spiked slightly as markets opened, but fell within the hour to a 0.24 per cent rise at £12.82.