A PR man has been chosen for the top job at the world’s
fifth-largest advertising and communications group.
Former Burson-Marsteller worldwide chief executive Tom Bell has been
named CEO designate of Young and Rubicam.
Bell became chairman and chief executive officer of sister network Young
and Rubicam Advertising last October. He assumes the new post next year
when Y&R chairman Peter Georgescu becomes chairman emeritus.
Bell has been elected to the Y&R board as president and chief operating
officer with immediate effect.
A source close to Y&R denied rumours that B-M faced a one-year deadline
to shape up or ship out. Last year, B-M had to write off over pounds 15
million correcting financial disparities, the problems caused by a new
accounting system in Europe and the retrenchment of its Asian
operations.
An executive close to the company said that divestiture of B-M was
highly unlikely, and that the agency was meeting revenue and profit
targets.
Last year, at the time of Y&R’s float in April, there was concern in the
parent company at B-M’s finances. If they had not improved, Y&R would
have had to consider selling or scaling down the PR network.
