WPP PLC (LSE:WPP) has begun the search for a new chief executive, as Mark Read has revealed his plans to retire at the end of the year.
Read, who took the top job in 2018 after the inglorious departure of founder Sir Martin Sorrell, has been at the company for over thrree decades.
Chair Philip Jansen said he has "played a central role in transforming the company into a world leader in modern marketing services".
He said Read will continue to lead the FTSE 100 group until the end of the year and will support "a smooth transition to his successor, once appointed".
Read said acknowledged that his started with a focus on simplifying what had become an over-complex business, and said "our clients today rate us more highly than ever before, we now work with four of the world's five most valuable companies, and our revenues with our biggest clients have grown consistently".
He added: "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."