LONDON, Tuesday: WPP has instructed its senior leadership to suspend recruitment plans until the new year, according to Campaign Asia-Pacific. The group had been expected to hire about 2000 new employees.
The change of plan follows disappointing quarterly results last month. The website report cites a memo circulated by group financial controller David Barker last month informing staff that measures must be taken to “try and protect” the company’s long-term health.
“We need to take urgent action to stop this now,” Barker said. WPP currently has 134,000 employees – including around 5000 in NZ & Australia.
A WPP spokesperson told Campaign: “We’ve made it clear there are priority areas for investment for growth, and these will be unaffected.”
New WPP chief executive Mark Read had earlier announced a 1.5% slide in third-quarter revenues. The ensuing slump in share price means the company’s value had more than halved in 18 months, from £24bn (NZ$40bn) to about £11.5bn, according to estimates.
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