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| Philippe Krakowsky |
Interpublic CEO Philippe Krakowsky targets $250M in cost savings in 2025 via an accelerated business transformation program as his firm gets acquired by John Wren’s Omnicom.
The effort calls for centralizing corporate functions, speeding simplification and platforming in both corporate services and client delivery, greater offshoring and nearshoring, and office closings/consolidations.
Krakowsky noted that his cost-cutting drive has “limited overlap with the cost synergies identified as part of the Omnicom acquisition.”
He predicts a one to two percent decline in 2025 organic revenues due to “sizable client losses” suffered last year “due largely to changes in the media trading environment.”
For 2024, IPG posted a 5.5 percent drop in revenues to $2.9B. Operating income fell 6.4 percent to $568M. Organic revenue dipped 1.8 percent.
The specialized communications and experiential solutions group (Weber Shandwick, Golin, Current Global, R&CPMK, DeVries Global, Jack Morton, Momentum and DXTRA Health) posted a 0.6 percent drop in revenues to $367.6M during Q4, and a 1.3 percent revenue boost on an organic basis.
Full-year revenues fell 0.8 percent to $1.4B. It was up 1.3 percent organically.
Overall, IPG’s organic revenues dropped 3.2 percent in the US, 3.3 percent in the UK, 3.0 percent in Continental Europe, and 7.9 percent in the Asia Pacific region.
The firm posted a 12.4 percent gain in the Middle East, and an 10.4 percent advance in Latin America.
Interpublic posted a 5.1 percent drop in Q3 net revenues to $2.5B as CEO Philippe Krakowsky reports the final financial results of the publicly traded company.
Joele Frank handles Pine Gate Renewables as the Asheville, NC-based solar power development company declares Chapter 11 in the aftermath of Donald Trump’s cuts to wind & solar tax credits.
Stagwell CEO Mark Penn reports Q3 net revenues jumped 6 percent to $614.5M, a record performance for a non-political period. Operating income soared 45.7 percent to $60.9M.
Joele Frank works for Klöckner Pentaplast as the German maker of plastic films declares Chapter 11. A successful reorganization would slash its its corporate debt by $1.5B.
Teneo represents Metsera, the New York City biotech focused on weight-control products, which is subject to a bidding war between heavyweights Novo Nordisk and Pfizer.
