Cordiant restructures global financial PR

LONDON - Cordiant Communications is to restructure its global network of financial and corporate PR firms, including flagship City brand Financial Dynamics.

Bosses at the marketing services group are rebranding the financial and corporate holding company Business Communications International to create a unified international PR brand for its agency interests.

The move follows the controversial and sudden departure of BCI bosses, CEO Nick Miles and MD Hugh Morrison in January.

FD chief executive Charles Watson has now been appointed chief executive of the yet-to-be-named entity.

He said a rebrand and review was underway and confirmed this will create, for the first time, industry sector teams, including investor relations, working across country borders.

The new entity is expected to be unveiled in the summer and it is not yet known whether the FD name will remain.

Watson has ruled out redundancies, saying the new structure is more likely to involve a hiring spree of around 25 extra staff to boost the agency as part of a plan to move into more European markets.

'We are looking to take the new brand into new markets in Europe. I don't want to say which ones yet, and will require staff to do that,' said Watson.

'The creation of a global IR practice is a certainty. This is so that we can serve the interests of our multinational clients in different countries,' he added.

Aside from FD offices in London, Frankfurt and New York, the network also includes Gallagher & Kelly in Ireland; Morgen-Walke in New York, Boston, San Francisco and Dallas; and corporate design agency C&FD, based in Paris and the UK. The European offices have 250 staff in total.

Miles and Morrison are currently preparing a High Court battle with Cordiant.

It is believed they are taking action for breach of contract.

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