When Cindy Rose replaced Mark Read as CEO of WPP in October last year, she inherited a business in decline. The advertising company had recently issued a fresh profit warning after a sharp decline in revenues and the loss of key clients, including Coca-Cola’s North American business and Mars’ snacking and pet care accounts. Two months later, WPP dropped out of the FTSE 100, ending a near 30-year run on the blue-chip index.
Rose responded with an 18-month plan to scrap WPP’s holding-company structure and replace it with a single business split into four units: creative, media, production, and enterprise solutions. The restructuring plan, called Elevate28, aims to achieve £500 million in savings by 2028, but is estimated to cost £400 million, with more job cuts expected by the end of the year.
