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Investing.com -- Shares of WPP PLC (LON:WPP) fell on Monday following the announcement that its chief executive Mark Read will retire at the end of the year.
The company confirmed his departure in a regulatory statement, stating Read will step down from the board and his role as CEO on December 31.
Read has led the advertising group for more than seven years and been with the company for over three decades.
WPP said the process to identify a successor is underway but provided no further details on potential candidates or timeline for an announcement.
Philip Jansen, Chair of WPP, acknowledged Read’s contributions, crediting him with helping transform WPP into a global leader in modern marketing services.
Jansen noted Read’s leadership during a period of strategic change and said the company is “pleased” that he will continue to serve through the rest of the year to ensure continuity.
“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,” Read said in a statement.