By Adria Calatayud

WPP PLC (WPP.LN) confirmed Monday that it has appointed Mark Read as its new chief executive, placing a company veteran at the helm of the world's largest advertising firm following the departure of founder Martin Sorrell.

The Wall Street Journal reported Sunday that the company had chosen Mr. Read as CEO.

Mr. Read inherits a global company that has struggled in an industry now defined by the dominance of Facebook Inc. (FB) and Alphabet Inc.'s (GOOG) Google in digital advertising. Mr. Sorrell built WPP over three decades of acquisitions, but the scale that once allowed the company to thrive has lately made it a sluggish competitor.

Mr. Read was named co-chief operating officer of WPP in April, taking over the firm's day-to-day operations after Mr. Sorrell resigned.

Following the appointment of Mr. Read as CEO, effective immediately, Roberto Quarta has resumed his role as nonexecutive chairman, WPP said. Andrew Scott will continue in his role as chief operating officer on a permanent basis, the company said.

Write to Adria Calatayud at adria.calatayudvaello@dowjones.com

(END) Dow Jones Newswires

September 03, 2018 02:53 ET (06:53 GMT)

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