WPP has named Mark Read as its new chief executive, succeeding the ad giant's founder Martin Sorrell, per the Wall Street Journal.

The big picture, via Axios' Sara Fischer: Reed, who has been expected to be named CEO for months, takes the helm after Sorrell stepped down earlier this year due to personal misconduct allegations. Sorrell, who led the company for decades, turned WPP into one of the world’s largest ad holding companies and the largest by revenue.