WPP Chief Says Customers to Delay Decisions Until `Brexit' Voteby and
The U.K. vote on whether to leave the European Union will cause advertisers to push back spending decisions, according to the head of WPP Plc, the world’s largest ad company.
“Clients will be postponing investment decisions, postponing trade decisions,” WPP Chief Executive Officer Martin Sorrell said in an interview Wednesday on Bloomberg Television. “It’s a period of instability.”
Sorrell is one of 36 leaders from the U.K.’s biggest companies who are backing Prime Minister David Cameron’s campaign to keep Britain in the EU in the June 23 referendum. London Mayor Boris Johnson is among the politicians supporting the effort for a British exit, a so-called Brexit, from the union.
WPP owns ad agencies including Grey, Ogilvy & Mather and Y&R, as well as public-relations firms such as Burson-Marsteller and Cohn & Wolfe and media-planning and buying shops.
“Europe as a whole, including the U.K., is very important to us,” Sorrell said. “We’re examining what the implications would be in the case of a negative vote.”