LONDON (dpa-AFX) - British advertising company WPP Plc (WPP.L, WPPGY) said Monday that Mark Read would be retiring from the Board and as CEO on December 31. The company also said that the search for a successor is currently in progress.
According to WPP, Mark Read has been with the company for a period of 30 years, of which seven years as CEO.
Commenting on the developments, Read said, 'After seven years in the role, and with the foundations in place for WPP's continued success, I feel it is the right time to hand over the leadership of this amazing company. I would also like to thank Phil and the rest of the Board for their steadfast support for me and the wider executive team, and I look forward to supporting them in the transition to my successor in the coming months.'
Philip Jansen, Chair of WPP, said, 'On behalf of the Board, I would like to thank Mark for his contributions not only as CEO but throughout his more than 30 years of leadership and service to the Company. We are pleased that Mark will continue to lead WPP as CEO until the end of the year, remaining focused on the execution of the Company's growth strategy and supporting a smooth transition to his successor, once appointed.'
In its latest quarter, the company reported a decline in revenue, in line with expectations. For the first quarter, the company posted revenue of 3.243 billion pounds, down 5 percent from last year. However, on a like-for-like basis, WPP Plc posted a 0.7 percent decline in revenue.
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