WPP CFO Departure Looks Untimely

Dow Jones
09/23

1111 GMT - WPP is losing CFO Joanne Wilson to booze giant Diageo less than one year into a three-year turnaround program, which isn't ideal, Citi analysts say in a research note. Wilson's 12-month notice period should give the U.K. advertising group sufficient time to find a successor, the analysts say. "We believe while investors may have preferred Joanne remain on her role, the market will likely view the move to Diageo as understandable, given the relative size of the companies and Joanne's previous experience," Citi says. WPP shares trade broadly flat, while Diageo's are up slightly.

 

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