LONDON, Friday: WPP, the world’s largest advertising holding company, will be discontinuing all business activities in Russia – in line with the Cannes Lions, which has banned all Russian delegates and entries in the 2022 awards.
WPP ceo Mark Read said that the company had over the last week been carefully considering the future of its agencies in Russia and what its actions would mean for its nearly 1400 people there.
“We have concluded that to continue operating in Russia would be inconsistent with our values as a company,” he said.
“This means that over the next few weeks and months, we will discontinue our activities in the country.
“Last year Russia contributed 401 entries into the Cannes Lions.”
“Our Russian colleagues have been dedicated and valued members of the WPP family for a long time and I deeply regret the impact this decision will have on them.”
Read said WPP will work with its people, clients and partners to “consider all options”, including transfer of ownership and divestment, and that it will provide additional and enhanced financial support to anyone who loses their employment as a result of this decision.
“The world has watched the invasion of Ukraine with growing horror and disbelief. WPP stands with Ukraine and the international community in condemning this unjustifiable aggression, which has created a humanitarian crisis in the heart of Europe.”
In an unsigned statement from Cannes, a Lions spokesperson said: “We stand together with our friends in Ukraine, and our many partners and community members in Russia who strongly oppose the actions of the Russian government.
Last year Russia contributed 401 entries into Cannes Lions.
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