Cindy Rose has been in charge of WPP for a year. So far, her tenure is best judged by examining the decisions deferred as much as the ones she’s taken.At the time of writing, the London-listed agency group’s share price has almost recovered from last year’s exit from the FTSE 100 (its first-half results saw shares initially jump 30%, its biggest increase on record) while the company’s performance in the pitching room has also improved.
Two thirds of the way through the year, per COMvergence data shared with Digiday, WPP Media has won just over $3 billion in fresh accounts, by estimated media value, while accounts lost totaled $2.81 billion, with a retention rate of 43%. That’s a favorable contrast with last year’s 16% retention and lost accounts equalling $6.98 billion.
That recovery hasn’t dispelled years of revenue decline, the debt sitting on its balance sheet or the fact that the minutiae of previous CEO Mark Read’s recovery efforts are currently being dissected in a class action lawsuit in New York. But it does show a cautious optimism that wasn’t there last September.
Rose’s busy year
British-American Rose, 61, has made herself more available to reporters since taking charge, appearing in press briefings to discuss the company’s quarterly earnings where Read chose to remain out of the spotlight. (On this occasion, however, a WPP spokesperson declined our interview request.)
