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| Arthur Sadoun |
Tech is back… Publicis Groupe CEO Arthur Sadoun reported Q1 revenues grew 4.9 percent to $3.4B, a performance fueled in part by the comeback of the technology sector.
The parent of MSL and Kekst CNC enjoyed “double-digit” growth in technology revenues, which is a sign of a “clear rebound” for the embattled sector, according to the Frenchman.
Sadoun expects the 1Q results to stack up as the “8th consecutive quarter of delivering the highest growth in the industry, leading to market share gains.”
He claims Publicis has the “ability to capture a disproportionate part of the increasing demand for data-led marketing transformation, boosted by AI.”
Sadoun has put the ad/PR business on notice. He expects his firm to grow twice as fast as the industry average.
Modesty is obviously not a trait that Sadoun has in abundance.
Macy’s throws in the towel. The besieged retailer has agreed to appoint two directors to its board that were nominated by Arkhouse Management Co., its unwanted suitor.
Tony Spring, Macy’s new CEO, welcomed Ric Clark and Rick Markee and praised the “valuable real estate and retail expertise” that they will bring to the board.
Clark was CEO of Brookfield Property Group, and Markee was CEO of Vitamin Shoppe Inc. and vice chairman of Toys “R” Us.
Clark and Markee will join the board’s finance committee to evaluate and make recommendations to the full board regarding the acquisition proposal made by Arkhouse and Brigade Capital Management.
Longacre Square Partners handles Arkhouse.
The Profile in Wimpery Award goes to the Ford Presidential Foundation for stiffing American hero and former Wyoming Congresswoman Liz Cheney.
The co-chair of the Congressional panel that investigated the Donald Trump-instigated Jan. 6 assault on the US Capitol had been nominated to receive the Foundation’s highest award, the Gerard R. Ford Medal of Distinguished Public Service.
The Foundation snubbed Cheney because it worries that her award would run afoul of laws governing non-profits.
Gleaves Whitney, executive director of the Foundation, said when the award was discussed Cheney was mulling a run for the presidency.
“The executive committee concluded that giving the Ford medal to Liz in the 2024 election cycle might be construed as a political statement and thus expose the Foundation to the legal risk of losing its nonprofit status with the Internal Revenue Service,” he said as an April 10 statement.
Whitney conceded that Cheney meets all of the criteria that the medal signifies—courage, integrity, and passion to serve the American people.
He said the Foundation might consider awarding Cheney the medal in a future year.
That depends on Joe Biden winning re-election.
The gutless wonders at the Foundation would never award Cheney the medal in the event that her arch-enemy Donald Trump becomes president.
They fear that the Mango Mussolini would order the Internal Revenue Service to make life miserable for the Foundation, if it honored his arch-enemy.
Cheney’s dad, Dick, was Ford’s chief of staff. Whitney noted that the Ford family has been close to the Cheney family for five decades.
Jerry and Betty Ford’s kids (Michael, Jack, Steven and Susan) should pressure the Foundation to do the right thing and honor the woman who stood up for America’s democracy.
It would be a fitting tribute to their dad.
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