CHICAGO: After four decades at the helm, chairman and founder of
the Financial Relations Board Ted Pincus has moved to a part-time
position with the firm in a corporate realignment by parent company
BSMG has bought out the remainder of the contracts for Pincus, 67, and
FRB president Michael Rosenbaum, another veteran of the agency.
Pincus had seven-and-a-half years left on his salaried contract, he
claimed, for which he said BSMG paid him dollar for dollar. Rosenbaum
had "several" years left.
Pincus, who said his salary was a drag on FRB earnings, has been given
the honorary title of chairman emeritus. He will also do consulting work
with IPG on a fee basis.
FRB will now be headed by Donna "Donni" Case, FRB vice chairman, who
takes the title president. She will report to BSMG vice chairman Andy
Polansky. Under Pincus, FRB reported to Harris Diamond, who is currently
grappling with the Weber Shandwick merger (see story, left).
BSMG bought FRB in January 1999 for $33 million. At the time, FRB
had an annual income of $33.5 million. After a record performance
in 2000, FRB, which specializes in material announcements, shareholder
and analyst outreach, and other IPO work, has seen a slight decline in
revenues this year, but Polansky said Pincus' departure was wholly
"Ted has done a formidable job - he invented this business, for heaven's
sake - but the time is right for change. Donni is dynamic, very
well-liked, and the right person to move the business forward." Polansky
said he would be looking for greater synergy between FRB and the
corporate practice in the post-Pincus era.