WPP is set to lose a key client, Mars, which is transferring its $1.7 billion media account to Publicis, amidst a broader industry shakeup. This follows a strategic review initiated by Mars, considering adjustments beyond creative services. Additionally, the transition aligns with the impending departure of WPP's CEO, Mark Read. Over Read's tenure, WPP's market cap has significantly declined, and the company has faced challenges in the advertising landscape, leading to its loss of status as the world's top agency by revenue to Publicis.
WPP hasn't just lost its CEO Mark Read - it's also about to lose Mars, one of its biggest media accounts.
The shakeup stems from a sweeping review of Mars' agency model, launched last fall. Everything outside of creative has been on the table.
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