External affairs post is casualty of LIFFE cuts

The London International Financial Futures and Options Exchange (LIFFE) has made its external affairs director redundant and is to end its public affairs contract with Hill and Knowlton, because of pressure to cut costs in the face of competition from European rivals.

The London International Financial Futures and Options Exchange

(LIFFE) has made its external affairs director redundant and is to end

its public affairs contract with Hill and Knowlton, because of pressure

to cut costs in the face of competition from European rivals.



Richard Pratt, who had been director of external affairs since April

1995, left the exchange over two weeks ago as part of the 76

redundancies made there since the beginning of the year. He is unlikely

to be replaced and is considering his future career plans.



Pratt’s remit covered media relations, public affairs, lobbying and

regulatory issues. These responsibilties have been assumed by existing

staff members in a restructure which has amalgamated public affairs with

product marketing and brought regulatory issues and lobbying into the

development department.



Media relations are handled by existing head of press relations,

Caroline Denton, who now reports directly to LIFFE chief executive

Daniel Hodson.



Hodson said: ’We are underlining the importance in which we hold the PR

function, because it reports directly to the chief executive whereas

previously Caroline reported through an intermediary.’



From August, LIFFE will employ just one retained PR agency, Shandwick

which will review the exchange’s PR agency requirements. Hill and

Knowlton is expected to provide occasional public affairs support on an

ad hoc basis from then.



Leader, p9.



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