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APCO Worldwide, No. 2-ranked PR operation in the O’Dwyer rankings with documented fees of $118 million in 2014, said it is in talks with investors who would replace American merchant bank WindRiver as the main investor.
“We have had a wide range of discussions to date and we are considering all of our options to determine the best path forward for APCO’s future and for our current investors and employee shareholders,” said a company statement.
The firm, which had 635 employees at the end of 2014, is majority owned by the employees. Net fees declined 1.9% in 2014 to $118,112,600.
Margery Kraus, founder, was succeeded as CEO on Jan. 5, 2015 by Brad Staples, international president. Kraus is executive chairman. Staples, a veteran of 19 years with APCO who wil be based in London, is the firm's first non-American CEO. APCO said his appointment reflects the firm's focus on international markets.
Talks reportedly have been held with Teneo, New York-based consulting firm, but APCO would not confirm this.
Teneo was founded in 2011 by Declan Kelly, former U.S. Special Envoy to Northern Ireland, U.S. CEO of Financial Dynamics, and EVP, FTI Consulting; Doug Bank, counselor to President Clinton, and Paul Keary, former senior managing director, FTI Consulting.
The firm also has offices in Washington D.C., Brussels, São Paulo, London, Dublin, Dubai, Hong Kong, Beijing, and Melbourne. It has 200+ employees.
Teneo on July 9, 2015 acquired London-based communications agencies Blue Rubicon and Stockwell, which doubled the size of Teneo.
DJE Holdings, parent of Edelman and Zeno, launches RUTH as an independent shop named after Ruth Edelman, mental health advocate, wife and longtime business partner of Dan Edelman.
New York City PR firms make up the largest slice of O'Dwyer's 147 firm overall ranking with 33 of 40 in the New York/New Jersey area either calling Manhattan their home or having a presence there.
Subject Matter+Kivvit, which joined forces in May, has rebranded as Avoq, an integrated shop with more than 200 professionals in Washington, New York, Asbury Park (NJ), Miami and Chicago.
While PR pros stationed at in-house comms. teams and those working for agencies share many of the same objectives, they also have markedly different top priorities, according to a recent report.
Edelman is cutting 240 employees or about four percent of its workforce to cope with the cooling down of the PR sector, according to a memo from CEO Richard Edelman.
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