Mark Read Mark Read, Chief Executive Officer from WPP PLC, will retire at the end of the year and will start a search for a successor to one of the largest groups of the advertising agency of the advertising agency when slowing down sales.
Read, 58, has headed the British company for about seven years and has been in the company for more than 30 years, the company announced in a statement on Monday.
WPP, once the world’s largest advertising agency, has worked on opportunities to re -grow growth and to rationalize their business in order to counter the soft sales and a dark view. The global economic downturn has made customer expenditure, especially in Asia, and the rise of artificial intelligence skills to automate advertising and distribution increases doubts in the entire advertising industry.
Shares in FebruarydroppedAfter the group of group forecasts remained flat this year, said the analysts’ estimates, while the Rival Group Publicis Groupe SA said itexpected organic growthof 4% and 5% this year.
The company had previously restructured its brand stable to reduce costs and announced a plan to spend hundreds of millions of pounds for new technologies, including the construction of AI skills.
Read’s retirement shows: “The challenge with which his successor has been overcome financial and inexpensive under performance against competitors for years and opens up the prospect of strategic and structural changes,” said Matthew Bloxham, Senior Industry Analyst at Bloomberg Intelligence. “The new manager must double the simplification, cost reduction and technology investments.”
The former BT Group PLC leader Philip Jansen was appointed chairman of the advertising group in January.
This story was originally on Fortune.com
