Board refresh at acquisitive holding firm TMG to 'align with best practice'

The Marketing Group (TMG), the new and fast-growing holding company whose agencies include PR shop Ranieri, has taken on two non-executive directors following its founder's decision to step down as chair.

TMG welcomes Blair (l) and Fraser (r) on board
TMG welcomes Blair (l) and Fraser (r) on board

Set up last year by Jeremy Harbour, the founder of private equity firm Unity Group, TMG floated on the Nasdaq First North Stockholm market in May 2016.

The group now consists of 17 small agencies. Stablemates of consumer tech specialist Ranieri include sponsorship agency Slingshot Sponsorship and b2b marketing firm Black Marketing.

Its 2016 results show total revenue of €15.8m (£13.7m) in its maiden year, and net profit of €2m.

The group announced last month that Don Elgie, the former chief executive of holding group Creston, had become its non-executive chair. He replaced Harbour, who retains a 5.8 per cent share in TMG, but no longer has a formal role in the group.

A company press release yesterday said that five executive board directors of the firm will be standing down at next month's AGM, and that two independent non-executives - Martin Blair and Glen Fraser - have joined the board. This move should "pave the way for a better constituted board" and "align with best corporate governance practices", the announcement said.

Blair is a finance veteran who has worked across media, tech and life sciences, while Fraser will be better known in the marcoms world - he is the principal and owner of Third Eye, a Sydney brand consultancy. He has previously worked at firms including Ogilvy & Mather, Havas and JWT.

Elgie said: "It is my firm belief that a well-constructed board can help guide executives in making good decisions and I have assembled this board with the long-term welfare of the group in mind.

"I am grateful to departing directors for all their hard work over the past months and believe they will remain an invaluable resource as executives within the group. I believe that this new board is well placed to contribute to the long-term aspirations of TMG, while also looking after the interests of shareholders."

Alongside Elgie, Blair and Fraser, the new five-man board will include recently hired WPP and Havas veteran Mike McElhatton as chief financial officer, and Adam Graham as CEO.

Graham, formerly the boss of digital agency Weapon 7, said: "We look forward to harnessing Glen and Martin’s domain knowledge and strengthening the group’s long-term growth potential."

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