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Mark Read, WPP's interim COO, is the frontrunner to land the CEO job replacing Martin Sorrell and could be named as soon as next week, according to multiple reports. Flake said the review "should wrap up in the fourth quarter," but declined to elaborate further on the process, including about which agencies are participating. Ford has continuously worked with WPP agencies since 1943. Ford is the world's 13th largest ad spender, shoveling out $4.3 billion in 2017, including on its Lincoln brand, according to the Ad Age Datacenter. Lincoln is not part of the agency review. Ford's review is expected to conclude sometime this fall. Flock Associates is the consultant on the review. The agency evaluation comes as the automaker confronts tough business conditions. Moody's this week downgraded the Ford's credit rating, citing "challenges it will face implementing its 'Fitness Redesign' program." The so-called fitness initiative involves cutting spending and attempting to gain efficiencies across Ford's business, while changing its vehicle lineup to include fewer sedans, which face tough sales trends as consumers shift to trucks and SUVs. W&K has not worked on a car account in the U.S. since splitting up with Fiat Chrysler Automobiles in 2016, although it handles BMW China via its Shanghai office.
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