As per the latest reports, Mark Read is about to sit in the chair of the Chief Executive of WPP, the giant advertising firm. Presently, he is the Co-chief Operating Officer and Sir Martin Sorrell was the Chief Executive. However, WPP has not confirmed the same but has confirmed to announce certain activities of the company in September.
Sir Martin Sorrell is the founder of the organization, which marked its presence in 1986. A complaint has been raised against him that has alleged him of a personal misconduct. Though he had bluntly denied the allegation, he left the organization in April.
As per the spokesperson of WPP, the time and person of the upcoming appointment will not be released. He further stated that once the concerned person receives the appointment letter, he will proactively inform the stock exchange about the same. Hence, it is unlikely to receive confirmation of the reports any time soon.
The interim result of WPP is about to surface the market on Tuesday. People are expecting the company to announce the name of the next Chef Executive during the same.
Since Sir Martin Sorrell left in April, Mark Read has been heading the organization. Sir Martin had also faced a probe regarding the allegation, which was about misusing the funds of the company.
After a few weeks of Sir Martin’s resignation, Mark Read announced the conduct rules based on the internal review of the firm.
WPP is going through a tough time and is currently in the worst financial position since 2009. In fact, the growth rate was also alarming during the last year, which revealed a steep downfall.
As the concept of advertisements is taking a digital turn, the presence of Google and FB are increasing at a rapid pace. Hence, the competition for WPP is also intensifying, leading to an adverse scenario at this phase.