WPP needs radical change to stay ahead of the digital revolution reshaping the industry and its clients, the man now steering the world's largest advertising group has said.
The once-glamorous world of Madison Avenue has been forced to confront reality in recent years as the rapid growth of digital platforms has opened the industry to new competition at a time when clients are questioning everything they spend.
As the biggest holding company in the sector, WPP has been particularly hard hit, losing major contracts - almost 30% of its market value - and in April, its founder and chief executive Martin Sorrell over a personal misconduct allegation.
