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WPP is retiring the Grey Global shop, which bills itself as “famously effective since 1917,” as CEO Mark Read continues the revamp of the ad/PR giant.
Grey is being teamed with digital shop AKQA to form the AKQA Group with 6,000 staffers in more than 50 countries.
Ajaz Ahmed, AKQA founder, will helm the new combine. Grey CEO Michael Houston will take the president/COO position.
The AKQA Group will launch with both brands intact though they will be eventually be integrated into a single brand.
The consolidation, according to Read, meets client demand for creativity and technology on a global scale. “This new company is designed precisely to meet those needs and is another important step forward in building our future-facing offer for clients,” said Read.
He already has combined WPP shops to create Wunderman Thompson, VMLY&R and BCW.
Public Policy Holding Company grew 27.5 percent to $50.1M during Q1, powered by the accelerating contribution from recent acquisitions and a 5.1 percent hike in organic revenues across its three operating segments.
Institutional Shareholder Services advises investors to vote "no" on a compensation package for WPP chief Cindy Rose at the May 8 annual meeting.
FTI Consulting chalked up a 9.5 percent rise in Q1 revenues to $983.3M, powered by gains in its PR, corporate finance and technology segments.
Stagwell reports 4 percent growth in Q1 net revenues to $585M and a record $141M in net new business wins.
WPP reported a 6.7 percent drop to $3.1B in Q1 like-like revenues less pass-through costs. CEO Cindy Rose says 'it will take time to outpace historical losses."
