Advertising agency WPP Plc announced on Monday that chief executive officer Mark Read will retire on 31 December after more than 30 years with the company, including seven as CEO.
It said Read has decided that "the time is right for him to hand over to a new leader" and that the search for a successor is underway.
Chair Philip Jansen said: "On behalf of the board, I would like to thank Mark for his contributions not only as CEO but throughout his more than 30 years of leadership and service to the company. During that time Mark has played a central role in transforming the company into a world leader in modern marketing services, with deep AI, data and technology capabilities, global presence and unrivalled creative talent, setting WPP up well for longer-term success.
"We are pleased that Mark will continue to lead WPP as CEO until the end of the year, remaining focused on the execution of the company's growth strategy and supporting a smooth transition to his successor, once appointed."
Read said: "After seven years in the role, and with the foundations in place for WPP's continued success, I feel it is the right time to hand over the leadership of this amazing company. I am excited to explore the next chapter in my life and can only thank all the brilliant people I have been lucky enough to work with over the last 30 years, and who have made possible the enormous progress we have achieved together."