WPP PLC closed 53.40% below its 52-week high of £9.03, which the company reached on December 9th.

Cindy Rose, Microsoft's chief operating officer for global enterprise sales, is leaving the tech behemoth to become CEO

The update painted a sobering picture of the state of advertising investment. WPP said it expects like-for-like revenue, excluding pass-through costs, to decline by 4.2% to 4.5% in the first half of the year with a decline of 5.5% to 6% in the second quarter alone.

Cindy Rose’s appointment as the new CEO of WPP underscores technology as the backbone of the beleaguered agency group’s future direction, according to multiple industry insiders. Subscribe and get unlimited access to Ad Age’s award-winning industry coverage for $20 $10 your first month.

WPP’s media unit is in the frame as the global advertising group downgrades its full year revenue outlook in the face of weak sales, client losses, a pull back on spend and a shrinking pitch runway. The “weaker than expected top line performance” has changed the company’s tone and wording of commentary about WPP Media, formerly GroupM.

WPP shares wilted after it provided disappointing guidance on Wednesday, as experts warn artificial intelligence is causing brands to promote themselves more through digital players rather than traditional agencies.