WPP names insider Mark Read as new chief executive

LONDON, Sept 3 (Reuters) - WPP named insider Mark Read as its new chief executive on Monday tasked with replacing its founder Martin Sorrell and steering the world's biggest advertising company through a period of wide scale industry change.

The 51-year-old former board member replaces Sorrell who quit in April over a complaint of personal misconduct, which he denied, and following a year-long sharp downturn in trading due to fierce competition.

Read had stepped up in April to run the company as a joint chief operating officer alongside Andrew Scott. WPP said on Monday that Scott would continue in that role while Roberto Quarta has resumed his role as non-executive chairman. (Reporting by Kate Holton, editing by James Davey)