After days of media speculation, ad giant WPP has today named Mark Read as its new chief executive after its founder Martin Sorrell quit in April.
51-year-old Reed said the group could “absolutely” return to its previous levels of steady growth: “WPP is a great company with exceptional people and strong relationships with clients who place a high value on our work.”
Read will be paid an annual salary of £975,000, plus the opportunity for bonuses, according to a Bloomberg report. Read’s contract also includes clauses that restrict him from going to work for a rival firm, or competing against WPP should he leave.
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