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WPP Advertising Agency Names Mark Read as Chief Executive

Mr. Read, 51, replaces Martin Sorrell, the influential advertising executive who founded WPP in the 1980s and molded it in his image, but who quit this year while under investigation. Our industry is going through a period of structural change, not structural decline, and if we embrace that change we can look ahead to an exciting and successful future, Mr. Read said in a statement released by WPP on Monday. Our mission now is to release the full potential that exists within the company for the benefit of our clients, to accelerate our transformation and simplify our offering, and to position WPP for stronger growth. WPP, which is based in London, has more than 130,000 employees in its 100 marketing and communications firms, including Ogilvy and Y&R. But the company faces new competition in a changing media landscape, including from Mr. Sorrell, whose new ad company, S4 Capital, outbid WPP for a Dutch marketing firm in July . Mr. Sorrell led WPP with an iron grip and a frenetic personality, cultivating the image of a superstar executive. He is a fixture on the London and European social scene, and is a regular at the World Economic Forum in Davos, Switzerland. He was knighted by Queen Elizabeth II in 2000.

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