Deutsche Bank has welcomed a shake-up at WPP PLC (LSE:WPP), describing it as a promising early move by new chief executive Mark Read’s successor.
The headline appointment is Devika Bulchandani, shifting from her role as chief executive of Ogilvy to become WPP’s chief operating officer.
Analysts say she brings “strong operational credibility” and has been a central figure in Ogilvy’s growth within the group.
Her replacement at Ogilvy is another high-profile return: Laurent Ezekiel, who had only recently left WPP for Publicis.
Deutsche notes his reputation as a strong operator, particularly for building the bespoke Open X agency for Coca-Cola, although that account has since transferred to Publicis.
The changes also extend to Open X itself, with Floriane Tripolino stepping up as chief executive to continue WPP’s creative relationship with Coca-Cola.
Deutsche keeps a “buy” rating on WPP, last trading at 404.8p (up 1%), and characterises the reshuffle as an encouraging start for the new leadership team.
Execution remains to be proven, the bank adds, but it views the appointments as a net positive in re-energising the group’s operational and creative leadership.