WPP is set to announce the appointment of Mark Read as the new chief executive of the company as early as next week. He will be taking the place of Sir Martin Sorrell at the helm of the largest advertising company in the world.
Read previously ran Wunderman, the digital agency of WPP. He has long been the favoured internal candidate for the position. According to reports, his appointment could be confirmed as early as Tuesday.
His appointment would put an end to the global search for the successor of Sorrell which started when the founder stepped down from his position at the company after 33 years last April. His resignation came after an allegation of personal misconduct which he eventually denied.
Read became a joint chief operating officer, alongside Andrew Scott. Roberto Quarta served as the executive chairman in the interim.
Despite hiring Russell Reynolds, a recruitment firm that is based in New York, to lead the search and various top media personalities being considered, WPP seems to be looking to promote someone from within.
Last June, Read said that WPP required a radical change to continue to be ahead of the digital revolution sweeping through the industry. His comments came a difficult year for the £16bn firm.
He will also be mindful of the new advertising group of his former boss.
Sorrell launched a new company called S4 Capital weeks after stepping down from his position at WPP. Last month, the new firm was able to secure its first deal beating his former employer to a £266m takeover of MediaMonks, a Dutch digital agency.
WPP refused to release a comment regarding the precise timing of an appointment or the identity of the new chief executive of the company. However, it said that the news was expected this coming September.