Montero to retire from advertising

Fernan Montero, the chairman of Young & Rubicam London and chairman and chief executive of Y&R Europe, is expected to quit next month, just weeks after the agency network went public on the New York Stock Exchange.

Fernan Montero, the chairman of Young & Rubicam London and chairman

and chief executive of Y&R Europe, is expected to quit next month, just

weeks after the agency network went public on the New York Stock

Exchange.



Montero is joining the ranks of departing Y&R executives, who are

retiring from the advertising frontline with the substantial amounts of

money they made from the share offering. Montero is rumoured to have

made in excess of dollars 20 million from the deal.



Bruno Widmer, the chairman of Y&R Switzerland, has been named as

Montero’s replacement and will move to the UK next month.



Montero took up the UK chairman’s role in February 1996, when John

Glorieux returned to the US after a two-year stint as chief executive in

London.



Glorieux’s role was split between Montero and Toby Hoare, who was made

chief executive in London at the same time.



In the last two-and-a-half years, Y&R has turned around its fortunes in

this country and its climb up the agency rankings is expected to

accelerate after two dramatic business wins in the past six weeks.



The agency ousted Ogilvy & Mather as Ford’s lead agency in Europe last

month, picking up extra business worth pounds 25 million in the UK and

pounds 100 million in Europe. Then it beat Saatchi & Saatchi to take

Schweppes’ pounds 20 million global branding task in a pitch led from

London.



Y&R has also had success as a European network, and this year was ranked

number one in Campaign’s annual survey (Campaign, 10 July), up one place

from the previous year. Montero commented at the time: ’We have started

to come into our own. Ours is a real network, with the agency in each

market 100 per cent owned - we don’t believe you can deliver benefit

unless you have that control.’



Montero, who was born in Argentina but grew up in the US, began his

international career in Y&R Latin America, and was made area director of

the region in 1991. He came to London to take up his European role in

May 1993.



Montero refused to comment on his future as Campaign went to press.



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