WPP share price: Company to appoint permanent executive in Cuba

WPP Plc (LON:WPP), the world’s largest advertising firm, is extending its global reach to Cuba, in a move that will see it become “the first major international communications services group to conduct business on the island”. The company announced today that it is partnering with state-owned Palco Group to station a permanent executive in Havana. The executive would be backed by an established local support team, WPP added.The executive’s offices will be located in the Miramar neighbourhood near the most important business centres in Havana.

“This marks the start of the inclusion of the largest island in the Caribbean in the list of 112 countries in which WPP operates,” the company said in a statement on its website. “WPP is working to provide its international clients with strategic counsel on the institutional and economic environment in Cuba, as well as advice and guidance in planning for eventual Cuba market entry and brand visibility on the island nation.”
WPP also revealed that since February 2015 it had been in contact with a number of agencies and enterprises in Cuba with the view to establishing partnerships.
The announcement comes a day after the US and Cuba formally agreed to restore diplomatic relations on July 20. With this move, the UK advertising giant is set to expand its presence in Latin America, which is one of its most important regions. WPP companies generate annual revenue of $1.6 billion in Latin America and employ around 20,000 people.
In today’s trading, WPP shares were down 0.5 percent at 1,450.00p, as of 15:06 BST. The company’s stock has advanced 7.8 percent since the start of the year.
As of 16:02 BST, Thursday, 02 July, WPP PLC ORD 10P share price is 1,449.50p.