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| Cindy Rose |
WPP reported Q3 revenues less pass-through costs tumbled 5.9 percent to $3.3B, a performance new CEO Cindy Rose called “unacceptable.”
Rose, who succeeded Mark Read on Sept. 1, said her management team is taking steps to improve performance. “We will position our offering to be much simpler, more integrated, powered by data and AI, efficiently priced and designed to deliver growth and business outcomes for our clients,” said Rose.
She promised “to significantly improve our execution, strengthening our go-to-market and dramatically simplifying how we organize ourselves internally, as well as building a high-performance team culture.”
Rose pledged to “take a more disciplined approach to capital allocation with a focus on cost efficiency and maintaining a strong balance sheet while prioritizing the parts of our business where we can deliver the greatest shareholder value.”
On the PR front, Burson also registered a 5.9 percent drop in revenues due to the challenging environment for client discretionary spending.
Rose anticipates full-year revenues to decline in the 5.5 percent to 6 percent range, up from the previous 3 percent to 5 percent.
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.
Haggie Partners is working the $7B takeover of the specialty insurer Convex by Canada’s Onex private equity fund and American International Group.
ICR Inc. handled Terrestrial Energy’s SPAC deal, which has the Charlotte-based developer of small modular nuclear plants trading on the NASDAQ as of October 28.
