Former AOL chief executive officer, Tim Armstrong, is being tipped to replace Sir Martin Sorrell as head of advertising giant WPP, according to a report from the Financial Times that cited people familiar with the search process. Shares drifted marginally higher intraday.
Keith Weed, the chief marketing and communications officer at Unilever, has also been mentioned as a possible successor to Sir Martin, people close to the process were cited as saying. Weed declined to comment on the FT report, it noted.
Armstrong, who also declined to comment on the FT report, ran AOL until its $4.4 billion sale to Verizon in 2015.
Shares traded near the bottom end of their 52-week price range of $76.68 - $113.51.
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