WPP remains second

Agencies Even after the takeover by WPP, Grey Global Group will remain an independent network under its current name.Ed Meyer (77), who has been with Grey since the 1950s, will remain Chairman and CEO of the Group until at least the end of 2006. The British holding company is aiming for improved profitability. WPP's operating margin in 2003 was 12.3 percent, while Grey's was only 5.8 percent. By taking over Grey, WPP is catching up with its competitor Omnicom, but with revenues of around 8 billion dollars, the British company is still 600 million behind the number one in the communications industry.