Welcome to Ad Age's Wake-Up Call, our daily roundup of advertising, marketing, media and digital news. WPP expects to cut nearly 2% of its global workforce over the next three years as it attempts to improve its performance. The advertising agency has suffered from reduced spending by clients, resulting in a 40% decline in its share price in 2018. Announced prior to its investors' conference in London, the job losses are part of a $377m restructuring plan led by CEO Mark Read. WPP is focusing on creativity and will invest in leadership in this area, notably in the US. In 2017, WPP reported that revenue fell 8% year-on-year to €1.1bn (£960m) while operating profit dropped 12% to €2.1bn.
WPP expects to cut nearly 2% of its global workforce over the next three years as it attempts to improve its performance. The advertising agency has suffered from reduced spending by clients, resulting in a 40% decline in its share price in 2018. Announced prior to its investors' conference in London, the job losses are part of a $377m restructuring plan led by CEO Mark Read. WPP is focusing on creativity and will invest in leadership in this area, notably in the US. In 2017, WPP reported that revenue fell 8% year-on-year to €1.1bn (£960m) while operating profit dropped 12% to €2.1bn.