By Elena Vardon and Najat Kantouar

WPP said Chief Executive Mark Read would step down at the end of the year, kicking off the search for a successor as the London-based advertising and marketing-services group braces for what could be weaker spending from clients as many companies turn cautious amid President Trump's tariffs.

Read--who has been at the company for more than 30 years and took the helm in September 2018--is set to retire from the board and as chief executive officer on Dec. 31. He previously held multiple leadership positions across the company, including nine years as an executive director.

The executive said it was the right time to hand over the reins of WPP after seven years into the job.

During his tenure, WPP's share price has fallen roughly 53% as the advertising and marketing industry faced a pandemic, the artificial-intelligence revolution and tariffs that could affect spending from clients.

Companies are turning cautious amid President Trump's tariff policies, and groups like WPP are first in line when clients cut spending on advertising.

Read told The Wall Street Journal in an interview in April that marketers had been cautious as they waited for clarity on tariffs, but general unease and uncertainty hadn't yet led to major spending cuts.

"I think there's just a general level of uncertainty and unease, but that's yet to translate into major changes by clients in terms of how they approach their marketing investments," he said.

The group recently confirmed its full-year guidance despite reporting a slightly weaker start to the year than analysts expected, with like-for-like revenue less pass-through costs down 2.7% in the first three months of the year compared with the same period of 2024.

Early Monday, WPP shares traded down 10.8 pence, or 1.9% lower, at 548 pence. They are down 34% year-to-date and 28% lower over the past year.

In a move to bolster its AI capabilities, WPP acquired InfoSum in April as it seeks to strengthen its data offering. The company said the deal represents a major investment in its artificial intelligence driven data offer but didn't disclose financial details.

Write to Elena Vardon at elena.vardon@wsj.com

(END) Dow Jones Newswires

June 09, 2025 04:34 ET (08:34 GMT)

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