WPP promotes chief operating officer Andrew Scott to board

Scott also has about 700,000 shares, worth upwards of £5m, based on the current stock price.

 

Read said: “This appointment recognises the key role that Andrew plays in the company, and the importance of continuously improving our operational effectiveness.”

 

Roberto Quarta, the chairman of WPP, said: “Andrew brings to the board a deep understanding of our business from his 24 years with WPP and the significant contribution he has made to our success during that time.”

 

Scott becomes the third executive director on the board alongside Read and Joanne Wilson, who joined as chief financial officer earlier this year from Britvic.

 

Read and Scott have spent much of the past five years simplifying and restructuring WPP through a combination of internal agency mergers such as Essence Mediacom and VMLY&R and asset sales such as Kantar.

 

Revenues grew in 2021 and 2022 after four consecutive years of decline from 2017, Sorrell’s last full year in charge, to 2020, the first year of the pandemic.

 

However, WPP’s share price has dropped about 10% to around £7.50 since the start of 2023 because of worries about the economic outlook, and the company cut its annual revenue forecast at its Q2 results in August.