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