South Africa, June 9 -- The Board of WPP made the announcement, saying that the search for a successor is underway.

Read has been CEO of the company for seven years and has been with the company for more than 30 years.

Right time to hand over leadership

Read says he has decided that the time is right for him to hand over to a new leader.

"After seven years in the role, and with the foundations in place for WPP's continued success, I feel it is the right time to hand over the leadership of this amazing company.

"WPP is an incredible company with over 100,000 talented and creative people, wonderful clients and partners, and an unmatched presence around the world. It has been an immense privilege to serve as its CEO for the past seven y...