WPP cuts dividend to 7.5p per share ahead of review, CEO change

Mark Read, Chief Executive Officer of WPP (WPP), said: “It has been a challenging first half given pressures on client spending and a slower new business environment. We have, however, made significant progress on the repositioningof WPP Media, simplifying its organisational model to increase effectiveness and reduce costs. Meanwhile, the acquisition of InfoSum, the launch of Open Intelligence and the continued adoption of WPP Open all strengthen our data and technology capabilities. The Board is declaring an interim dividend of 7.5p ahead of a review of the strategy and future capital allocation policy which will be led by Cindy Rose, who succeeds me as CEO on 1 September. The priority is to drive sustainable growth supported by an appropriate level of financial flexibility while balancing returns to shareholders. WPP is a company with enormous strengths in creativity and media, technology and AI, talented people, deep client relationships and unmatched global reach. Throughout my seven years as CEO, technological innovation has been a constant and I believe that thanks to our investment in AI we can look to the future with confidence. I would like to thank our clients for their partnership and our people for their dedication and I wish them, and Cindy, every success in the future.”