Welcome back. Today, WPP starts a CEO search; WBD will essentially undo the merger that formed it; creatine gets repackaged to appeal to women; and the Cybertruck becomes more albatross than asset for Tesla’s image.

WPP said CEO Mark Read will step down at year-end, triggering a search for a successor as the advertising and marketing giant grapples with AI-driven change and fallout from tariffs that could hurt client spending, Najat Kantouar and Elena Vardon report.

Read, a WPP veteran who took the helm in 2018 after the departure of founder Martin Sorrell, said it was the right time to go after nearly seven years in the job.

His departure news is a sign that investors won’t wait any longer for a change to revive the group’s share price, AJ Bell investment director Russ Mould said in a note to clients. “WPP needs a complete overhaul and that won’t come easily or quickly,” he said.

WPP’s share price has fallen roughly 53% during Read’s tenure, as the industry navigated a pandemic, the AI revolution and tariffs that could affect how much clients are willing to pay for ads.

Flashback to 2018: Mark Read presented a “study in contrasts” with the outspoken Martin Sorrell, who built WPP into a global behemoth over three decades. [WSJ]

Warner Bros. Discovery is splitting itself into two publicly traded companies, separating its HBO Max streaming service, movie studio and TV production business from its cable networks, Joe Flint writes.

One company will be home to CNN, TNT, TBS and Warner’s dozens of cable channels, as well as its international holdings. That entity, called Global Networks for now, will hold as much as a 20% stake in the second entity, which Warner is referring to as Streaming & Studios. It plans to use earnings from that stake to pay off debt. 

The move effectively undoes much of Warner Media and Discovery Communications’ 2022 merger, separating Warner’s marquee film and TV from Discovery’s reality and nonfiction fare.

The Warner-Discovery marriage has been tumultuous for employees. Several thousand employees have been laid off over the last three years, and the company has continually worked to cut costs and manage the staggering debt it took on to close the merger.

Female-focused supplement companies have been rolling out new creatine products aimed at women, some making the target clear with names like Tone and Sheatine, Sara Ashley O’Brien writes.

The feminization of universal products is a well-known business playbook, as companies target female consumers with “made for women” razors, deodorants and anti-chafing balms.

Creatine is no different: For the “Pilates girlie” in her 20s and 30s, ads say it will help get toned quicker. For the middle-aged and older, ads say it’s a must-have for tackling menopause-related issues and aging gracefully.

The brands say they fight side effects that may especially bother women.

“For the mass majority of women, being told to take something that is basically like addressing the gym bros—when it comes to marketing, that’s just not gonna cut it,” said Tone marketer Siffat Haider. “We were really excited to kind of make this something that was palatable for women.”

The Cybertruck was supposed to create a halo effect for Tesla’s brand, but the angular EV has instead become synonymous with Elon Musk’s polarizing stint in politics and a series of production problems and recalls, Becky Peterson reports.

In its first year, Tesla recalled the truck seven times to fix dangerous defects. In March, with large metal panels falling off trucks, the tally rose to eight.

The company sold fewer than 40,000 Cybertrucks in the U.S. last year—well below Musk’s ultimate goal of 250,000 a year. In the first quarter of 2025, it sold around 7,100. Ford’s F-150 Lightning pickup did better.

In an effort to boost sales, Tesla has rolled out lower-price versions and started offering buyers incentives such as 0% financing and free upgrades. But the Cybertruck’s image may be a tougher problem.

“Elon Musk will tell you the biggest professional mistake was the falcon doors on the Model X,” said David Fick, a longtime Tesla owner who got his Cybertruck in March. “I believe that the Cybertruck is going to go down as an even bigger corporate stumble.”

How Dave’s Hot Chicken grew from a tent in a parking lot in 2017 to a chain that sold to private equity for $1 billion last week. [WSJ] 

Craft breweries are warming up to light lagers as a way to reach drinkers who don’t like IPAs. [WSJ] 

Michael Kassan and United Talent Agency seem close to settling the legal dispute that erupted amid Kassan’s contentious departure from MediaLink. [Semafor]

Walmart’s business is fine, but its new campaign still aims to change the way people think about it. [Ad Age]

President Trump is planning to again put off enforcing the TikTok ban as his most recent extension nears its end on June 19. [WSJ]