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WPP names new CEO

British advertising company WPP PLC named Mark Read as CEO and an executive director, with immediate effect.

Read replaces Martin Sorrell, who resigned in April amid an investigation over his alleged misuse of company assets and personal misconduct.

Read had previously served as global CEO of WPP arm Wunderman and in April 2018 became group co-COO alongside Andrew Scott, who will continue in his role as sole COO.

Roberto Quarta resumed his role as WPP's nonexecutive chairman following Read's appointment.