Resigned instead of cowering
Just under a year after its acquisition by the British marketing services holding company WPP, Advico Young & Rubicam (AY&R) in Zurich—currently Switzerland’s most creatively and financially successful advertising agency—is losing its management:
Less than a year after its takeover by the British marketing services holding company WPP, Advico Young & Rubicam (AY&R), Zurich, currently the most creatively and financially successful Swiss advertising agency, is losing its management team: CEO Peter Felser, Executive CD Martin Spillmann, CD Peter Brönnimann, Rolf Zimmermann, Head of Strategic Planning, and CFO Michael Waeber are all leaving the agency. They cite the need for entrepreneurial independence as the reason. The differing views of the listed holding company and the local creative agency with regard to strategic and financial management had become increasingly apparent, they said. Bruno Widmer, Chairman of AY&R, however, emphasizes that there have been no restrictions imposed by WPP: "I have stood up for the culture of this agency for over 30 years. No one can seriously believe that I would support something that would jeopardize this culture." The collective resignation will take place at the end of May. "I am not worried. The agency can rely on a broad cadre of top people," says Widmer, who is forming the new management team in dialog with them.
When asked about founding a new super agency, Spillmann replies: "Drawing conclusions together does not mean that we will do something together afterwards, but the idea is certainly obvious." (ew)
When asked about founding a new super agency, Spillmann replies: "Drawing conclusions together does not mean that we will do something together afterwards, but the idea is certainly obvious." (ew)
