Grey Advertising is to establish a new holding company to be known
as Grey Global Group and its core advertising agency will be renamed
The announcement, which marks the company’s first major restructure in
30 years, was made by Ed Meyer, the chairman, president and chief
executive of the Grey Global Group.
’Because of the growth and development achieved by our marketing
communications companies in recent years, we realised that it made good
business sense for us to adopt a holding company structure,’ Meyer
’This new organisation recognises each of the communications companies
as major business units. Each will have their individual management
structures while being able to tap the resources of the holding
Meyer added: ’In respect to the advertising agency, it’s time for the
next generation to move in to place to build the agency of the
Bob Berensen becomes vice-chairman and general manager of the holding
company while Steven Felsher becomes the vice-chairman and chief
financial officer and Stephen Novick becomes the vice-chairman and chief
creative officer. All four will be based in New York.
The move will spark several high-profile management moves within the
network. Steve Blamer, the former chief executive of Grey London, will
lead Grey Worldwide as president of its New York office, fuelling
speculation that he is being groomed as successor to the 73-year-old
Carolyn Carter, at present the executive vice-president and global
account director for Mars, will become president of Europe, the Middle
East and Africa and will be based in London.
Carter will continue to run Mars globally for a transition period until
Jonathan Fox, the executive vice-president and regional director of
Asia-Pacific, becomes executive vice-president and executive managing
director on the Mars account. He will operate from New York.
John Shannon, 62, will continue as president of Grey Worldwide.
There will be no change to his role which has led industry figures to
suggest that he is set to retire.