Alex Webb, Columnist

WPP CEO Starts Well, But Needs More, Better, Faster

Mark Read’s first big strategic announcement after just a few months in the top role is a step in the right direction. He needs to be bolder.

December 11, 2018 at 10:12 AM UTC

By Alex Webb

Alex Webb is a correspondent for Bloomberg Quicktake. He previously covered the technology, telecoms and media industries in London, San Francisco and Munich.

WPP’s new boss has a long way to go to rein in the corporate sprawl.
Photographer: Aidan Crawley

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Credit where it’s due: New WPP Plc Chief Executive Officer Mark Read is taking a step in the right direction. It’s just a smaller one than investors might reasonably have expected.

Read announced a plan on Tuesday to realize 275 million pounds ($347 million) of annual savings by the end of 2021. Based on predicted earnings, a brief analysis suggests that would boost the 2022 operating profit margin from the 13 percent that analysts currently expect to closer to 15 percent.