Euro lack of acquisitions prompts Margaritis exit

NEW YORK: John Margaritis is leaving his position as chairman of the Americas for Euro RSCG Worldwide Public Relations, citing its unwillingness to aggressively pursue acquisitions.

NEW YORK: John Margaritis is leaving his position as chairman of the Americas for Euro RSCG Worldwide Public Relations, citing its unwillingness to aggressively pursue acquisitions.

"The plan that I presented was to grow the US and the company in the Americas by acquisitions because we had shrunk down to a point where it was very difficult to achieve any kind of critical mass through organic growth," he told PRWeek. "At the end of the year, I was told we were not going to make any acquisitions, and that didn't make any sense to me. We're not big enough to sustain the kind of management team that I put in place without making the acquisitions."

Margaritis joined Euro in 2005 as executive director. In April 2006, he was elevated to the chairman position, the same month he hired Lisa Sepulveda away from Edelman to assume Euro RSCG Magnet's CEO position. He has not decided what he will do next.

"John put a strong team in place, and in the time that he was here, he really focused on [that]," Sepulveda said. "We're focused right now on growing our existing business and on the new business pipeline, which is very full."

In a statement to PRWeek, Jonathan Sanchez, global chief communications officer for Euro RSCG Worldwide, said the decision exit was mutual.

"Margaritis joined Euro RSCG Magnet in 2005 with a brief to restructure the business," he noted in an e-mail. "At the end of 2006, after some success in this area, it became apparent that there was a difference of opinion in the direction of the agency moving forward. He leaves behind a new management team now prepared to take Euro RSCG Magnet forward into the future."

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