31st Aug 2018 11:25
LONDON (Alliance News) - Advertising giant WPP PLC is set to appoint Mark Read, the former head of its digital division, as chief executive officer as soon as Tuesday, The Times reported on Friday.
Read - who has been with WPP for nearly 30 years - has been acting as joint chief operating officer alongside Andrew Scott since April when former CEO Martin Sorrell resigned.
The newspaper said that Chairman Roberto Quarta considered several external candidates for the position but it is thought that it would have been too expensive to appoint a Silicon Valley executive.
https://www.thetimes.co.uk/article/insider-mark-read-set-to-become-new-wpp-chief-zltqf8j2p
The search for a new CEO started after Martin Sorrell resigned in mid-April, following the conclusion of an investigation into what WPP called "an allegation of misconduct" which it said did not "involve amounts that are material" to the company.
WPP shares were trading up 0.4% at 1,283.50 pence each.
Meanwhile, cash shell Derriston Capital PLC said Friday its agreement to buy S4 Capital Ltd, Sorrell's new advertising venture remains subject to a number of conditions.
Derriston expects to call for a general meeting in September, where shareholders will be able to vote on the acquisition.
The companies agreed the reverse takeover at the end of May with the aim of building "a multi-national communication services business focused on growth".
Derriston shares remain suspended as S4 acquisition constitutes a reverse takeover.