WPP boss Mark Read resigns amid AI challenges in advertising
- Mark Read has served as the CEO of WPP since 2018, taking over during a time of upheaval after Sir Martin Sorrell's resignation.
- Under his leadership, WPP has faced significant challenges, including a 50% drop in share value and declining revenues due to competitive pressures and the rise of AI.
- Read's announcement of his departure reflects a crucial moment for WPP, with the company now searching for new leadership to navigate through industry transformations.
The chief executive of WPP, the largest advertising firm in the UK, Mark Read, announced his decision to resign at the end of the current year. His departure occurs during a challenging period for the advertising industry, particularly due to the rapid advancement of artificial intelligence (AI) technologies. Under Read's leadership, WPP faced significant challenges, including a drop of over 50% in their share value and a reported revenue decline of 5% to £3.24 billion for the first quarter of 2025. As he prepares to leave his post, WPP has initiated a search for a new chief executive to lead the firm into its next chapter. Mark Read has been with WPP for 30 years, and for the past seven years, he has served as its CEO. He took over the role in 2018 following the controversial resignation of his predecessor, Sir Martin Sorrell, who left in the wake of a workplace inquiry. Throughout his tenure, Read worked to stabilize the company amidst a confusing landscape shaped by social media competition and the further advancements of AI. Despite the challenges, he expressed pride in the achievements made during his leadership and believed that the organization is now well-positioned for future successes. His announcement to resign triggered a decline in WPP's stock price, which drew closer to a five-year low previously hit in April. The chairman of WPP, Philip Jansen, who formerly held the role of CEO at BT, expressed gratitude for Read's contributions to the firm, acknowledging his vital role in transforming WPP into a leader in contemporary marketing services while enhancing its capabilities in AI, data, and technology. Looking ahead, WPP will continue its search for a successor while Read remains focused on implementing the company's growth strategy until the year's end. The industry waits to see how this leadership change will impact WPP's approach to ongoing challenges, particularly the changing landscape brought on by advancements in AI technologies and stiff competition from emerging digital marketing platforms.