1344 GMT - WPP has completed the major moves of its restructuring, CEO Mark Read says in an interview. "The major restructuring has taken place," he says. The U.K. advertising group has taken steps to streamline its operations since Read took the helm in 2018, selling noncore assets and merging several of its agencies in search of greater integration of their different functions. Most recently, the group combined VMLY&R and Wunderman Thompson to create VML, and merged BCW and Hill & Knowlton to form Burson. While there will continue to be simplification across the business, the biggest moves of the restructuring have been completed, Read says. The moves helped WPP to expand profitability, generate stronger cash flows and reduce debt, allowing it to invest in artificial intelligence, Read says. WPP shares fall 15% to 6.53 pounds. (adria.calatayud@wsj.com)
(END) Dow Jones Newswires
February 27, 2025 08:44 ET (13:44 GMT)
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