Read has been chief executive of WPP since 2018, when he succeeded Martin Sorrell a few months after the long-standing leader departed the business.

Read has spent over 30 years with WPP. Prior to his chief executive appointment, he was global chief executive at Wunderman before becoming WPP’s joint chief operating officer.

He will retire from the board and as chief executive on 31^st December 2025.

WPP is now searching for a successor.

Philip Jansen, chair of WPP, said: “On behalf of the board, I would like to thank Mark for his contributions not only as CEO but throughout his more than 30 years of leadership and service to the company. During that time Mark has played a central role in transforming the company into a world leader in modern marketing services, with deep AI, data and technology capabilities, global presence and unrivalled creative talent, setting WPP up well for longer-term success.

“We are pleased that Mark will continue to lead WPP as CEO until the end of the year, remaining focused on the execution of the company’s growth strategy and supporting a smooth transition to his successor, once appointed.”

Read said: “When I took on this role our mission was to build a simpler, stronger business, and put structure and new energy behind our creativity and performance, powered by world-leading technology. I am proud that our teams across the business have delivered that exceptionally well. 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. I am excited to explore the next chapter in my life and can only thank all the brilliant people I have been lucky enough to work with over the last 30 years, and who have made possible the enormous progress we have achieved together.

“I would also like to thank Phil and the rest of the board for their steadfast support for me and the wider executive team, and I look forward to supporting them in the transition to my successor in the coming months.”