WPP-Owned Advisory Firms to Merge Into New Global Firm
July 08 2020 - 2:47AM
Dow Jones News
By Adria Calatayud
WPP PLC-owned advisory firms Finsbury, The Glover Park Group and
Hering Schuppener plan to merge to form a new global company, in
which management will own a 49.99% stake, the businesses said late
Tuesday.
The combined entity, called Finsbury Glover Hering, will launch
in early 2021. Finsbury founder Roland Rudd and GPG founder Carter
Eskew will co-chair the new firm, with Alexander Geiser, managing
partner at Hering Schuppener, as chief executive, the companies
said.
WPP will retain a majority interest and its CEO, Mark Read, will
sit on the board of the newly integrated company, which will be
headquartered in New York.
The merger formalizes the strategic partnership between the
three WPP companies, they said.
"We see in Finsbury Glover Hering a tremendous opportunity to
establish a new global powerhouse in the strategic communications
industry alongside a very talented and highly respected group of
leaders. It also aligns with WPP's strategy of creating simpler,
stronger and more integrated client offers," WPP CEO Mark Read
said.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
July 08, 2020 02:32 ET (06:32 GMT)
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