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NEWS5 November 2018

WPP freezes all hiring

Financials News UK

UK – Advertising group WPP has told its managers not to hire any new staff for the remainder of this year.

According to Bloomberg, its chief executive, Mark Read (pictured), has cancelled any new hires before 2019 despite previous forecasts predicting 2,000 new employees being needed.

However the article pointed out that WPP’s finance department often sends cautious hiring memos out at this stage of the year.

This comes after its most recent financials showed that revenue was down 0.8% at £3.76bn for the third quarter of 2018. Reported revenue for the first nine months of 2018 was down 1.6%.

In the same financial statement WPP said it was looking at strategic options over Kantar’s ownership.

Read took over as CEO of WPP in September following the sudden departure of Sir Martin Sorrell. 

@RESEARCH LIVE

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