WPP picks Microsoft's Cindy Rose as CEO
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Cindy Rose. Photo: Courtesy of WPP
WPP has named Microsoft executive Cindy Rose as its next CEO amid mounting pressure from big client losses and AI disruption.
Why it matters: The ad giant is in the thick of an identity reset, and Rose's Big Tech background underscores its bid to modernize and compete in the AI era.
Driving the news: Rose serves as chief operating officer for global enterprise at Microsoft, where she helps companies use technology and AI to drive business transformation, WPP said in its announcement.
- She previously held senior roles at Vodafone, Virgin Media and Disney and has served as a non-executive director of WPP's board since 2019.
- "Cindy has supported the digital transformation of large enterprises around the world. ... Her expertise in this landscape will be hugely valuable to WPP as the industry navigates fundamental changes and macroeconomic uncertainty," WPP chair Philip Jansen said in a statement.
The big picture: Rose's appointment follows WPP CEO Mark Read saying in June he would retire at year's end after more than 30 years at the agency and seven at the helm. His news sparked speculation during the annual ad festival, Cannes Lions, the following week on internal and external candidates.
- WPP has faced big client defections to competitors, such as Coca-Cola's media buying in North America to Publicis. WPP's shares dropped 18% on Wednesday after cutting its guidance due to uncertainty in client spend and a drop in new business.
- Once the largest ad holding company by revenue, WPP has been overtaken by Publicis. IPG and Omnicom would surpass both once their merger is finalized.
- Read led sweeping restructuring at WPP, consolidating its creative agencies and its media division, and made strategic acquisitions like InfoSum.
What's next: Rose starts Sept. 1. WPP said Read will support the transition through year's end.
