Former BT boss Philip Jansen became chair of the group at the start of the year, sparking speculation about the future of Read, who took over from Sir Martin Sorrell in 2018. In an internal note to staff seen by the Financial Times, Read said "there is never a perfect time to move on as CEO. .. but this feels like the right time for me". In a statement to the stock exchange on Monday morning, Jansen said Read had "played a central role in transforming the company into a world leader in modern marketing services". During Read's tenure as chief executive, WPP's share price has halved, taking its market capitalisation to about £6bn, while he sought to restructure and streamline the group's global operations and invest more in technology. WPP last year lost its position as the world's largest ad agency by revenues to French rival Publicis, while its two largest US rivals -- Omnicom and IPG -- have announced plans to merge to create a single, North American advertising heavyweight.