WPP names insider Mark Read as new chief executive replacing Martin Sorrell

WPP named insider Mark Read as its new chief executive on Monday tasked with replacing its founder Martin Sorrell and steering the world's biggest advertising company through a period of wide scale industry change.

The 51-year-old former board member replaces Sorrell who quit in April over a complaint of personal misconduct, which he denied and following a year-long sharp downturn in trading due to fierce competition.

Read had stepped up in April to run the company as a joint chief operating officer alongside Andrew Scott. WPP said on Monday that Scott would continue in that role while Roberto Quarta has resumed his role as non-executive chairman.

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