UPDATE: WPP has officially confirmed Mark Read as company CEO.
The holding group revealed Read will be paid an annual salary of £975,000, with an annual bonus of up to 250% of salary.
Andrew Scott will also continue in his role as Chief Operating Officer of WPP on a permanent basis
WPP is set to announce Mark Read as Martin Sorrell's successor this week, according to multiple reports.
An announcement naming Read as CEO is expected around 4 September when the group announces its half-year results.
Following the abrupt departure of Sorrell in April, Read was promoted to joint chief operating officer of WPP from chief executive of Wunderman after Sorrell’s exit alongside co-COO Andrew Scott.
He has been seen as the front-runner for the top role leading several of the company’s announcements in recent months.
The decision would end an extended search for the next leader of the world's biggest holding company.
A WPP spokesperson declined to comment on behalf of WPP, adding: "There has been a lot of media speculation that we are close to announcing an appointment of a new CEO but until an agreement is reached we will not be commenting."
WPP AUNZ reported its half year finances last week posting modest organic growth and improving its half-year profit before tax by 3.8% from $41.9m to $43.4m.
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