Mark Read, CEO of global advertising group WPP, is stepping down after nearly seven years in the top job and over three decades with the company. His departure comes as WPP struggles against the rise of AI technology automating ad creation, leading to its shares lagging at a five-year low and losing its crown as the world's largest ad agency by revenue to French rival Publicis.
WPP chief Mark Read steps down as ad agency battles AI
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TL;DR: Key points with love ❤️Mark Read, CEO of global advertising group WPP, is stepping down after nearly seven years in the top job and over three decades with the company. His departure comes as WPP struggles against the rise of AI technology automating ad creation, leading to its shares lagging at a five-year low and losing its crown as the world's largest ad agency by revenue to French rival Publicis.
Trending- 1 1985: Sir Martin Sorrell bought a small Kent-based maker of wire baskets.
- 2 2018: Mark Read took over as CEO from Sir Martin Sorrell.
- 3 About five years ago: WPP shares began lagging.
- 4 Last year: WPP lost its crown as the biggest ad agency to Publicis.
- 5 Start of the year: Philip Jansen joined as WPP chair, triggering speculation about Read's position.
- 6 Past year: WPP shares lost more than a quarter of their value.
- 7 This month: Meta announced AI tools for advertisers.
- 8 June 9, 2025: Mark Read announced he will step down.
- 9 End of 2025: Mark Read will leave WPP.
- WPP's share price dropped by 2% after the news
- WPP lost its crown as the biggest ad agency to Publicis
- Speculation about WPP becoming a takeover target
- Search for a new CEO
What: Mark Read, CEO of WPP, is stepping down from his position. The company's shares have dropped significantly under his leadership, partly due to the rise of AI technology automating ad creation.
When: Announced on June 9, 2025; Read will leave by the end of the year; shares at lowest level in about five years; took over in 2018; lost crown last year; shares lost value in past year; Meta announced AI tools this month.
Where: Global advertising group WPP; United Kingdom (implied by The Guardian, City heavyweight Philip Jansen, Kent-based maker of wire baskets); France (Publicis); United States (Google, Meta Platforms, Amazon).
Why: WPP is struggling against the rise of AI technology that automates ad creation, leading to a significant drop in its share price (shed about half its value under Read's leadership, lost over a quarter in the past year). The company also lost its position as the world's largest ad agency by revenue. Speculation about Read's position increased after Philip Jansen joined as chair.
How: Mark Read will stay on as CEO until the end of the year while the board searches for a successor. He has overseen an overhaul of the group, merging agencies and selling businesses to cut debt, but these efforts haven't prevented the share price decline.