Breakfast Briefing: IPG earnings; Telecomms CEOs on Capitol Hill

Plus: REI's CEO is planning to step down in mid-March.

Photo credit: Getty Images
Photo credit: Getty Images

Interpublic Group reported a 7.1% jump in organic revenue in Q4 2018 to $2.4 billion, and a 5.5% increase for the full year to more than $8 billion. Net income was up more than 27% in Q4 to $342.5 million, and increased by 11.8% to $637.7 million for all of last year. For Constituency Management Group, the IPG unit that contains PR firms Weber Shandwick and Golin and other marketing shops, revenue was up 5.1% on an organic basis to $337.1 million in Q4 and up 3.4% to $1.3 billion for 2018.

T-Mobile CEO John Legere and Sprint executive chairman Marcelo Claure are set to testify in front of a House Energy and Commerce Committee panel to defend their companies’ $26 billion combination. T-Mobile’s proposed acquisition of Sprint has received government approvals, but consumer advocates say it could drive up prices and cause job losses.

REI CEO Jerry Stritzke is planning to resign, effective March 15, after an outside investigation found he had "a personal and consensual relationship" with the leader of a partner organization in the outdoors space, according to MarketWatch. COO Eric Artz will take over as interim COO.

Howard Schultz’s rocky (possible) campaign rollout continued on Tuesday night. Schultz declined to say if he would sell his shares in Starbucks if he decides to run for president, and while he conceded he should pay more in taxes, he declined to give a specific proposed tax rate for the ultra-rich. Meanwhile, former New York City Mayor Michael Bloomberg is reportedly prepared to spend at least $500 million of his own money to unseat President Donald Trump even if Bloomberg does not run for president, according to Politico.

What could the new Sears look like? Stores would have a smaller footprint and less apparel. Hedge fund manager Edward Lampert, who steered the legacy retailer through a rocky bankruptcy, is planning to hire a new CEO and fill Sears stores with more appliances, according to The Wall Street Journal.

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