Word: firming
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Dates: during 1980-1989
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...just two months before the purchase of Bates, when longtime finance chief Martin Sorrell departed to start his own agency. Sorrell, who had grown restive as a Saatchi subordinate, has since assembled an agency group, WPP, with annual revenues of $1.2 billion. Close observers of Saatchi & Saatchi date the firm's financial drift from Sorrell's departure. Says a marketing executive in London: "He guided them. When he left, they did not know...
...some cases, the global concept succeeded brilliantly. Typically, a worldwide Saatchi campaign is custom tailored to the styles and tastes of local markets, though sometimes only a translation of the ad copy is necessary. The parent firm's memorable campaign for British Airways, in which the island of Manhattan is seen coming in for a landing at London's Heathrow Airport, has run in 40 countries. Customers have liked the global idea: Saatchi agencies now represent more than 100 clients in five or more countries, including Fisher-Price toys and Allied-Lyons foods...
Maurice finally sounded a tocsin last March, warning that profits would decline for at least the first half of 1989. He also announced plans to sell off much of the firm's $360 million consulting investment. Calling the move "ham-handed," Alan Gottesman, an advertising analyst at the Paine Webber brokerage firm, noted that Maurice "managed to depress morale and performance in the consulting arm at the same time that he was letting potential buyers know they could pick up the firms at a discount." Fearing a messy auction, clients began to switch to other consulting agencies. So far, only...
...than 800 corporate employees lost their jobs. Plans were laid to close corporate offices in Washington and to trim operations in New York City and in London, where the corporate staff last year moved into a glossy new global headquarters on sedate Berkeley Square. In addition, five of the firm's twelve directors left. As rumors of further shake-ups spread, Carl Spielvogel offered in July to buy the Backer Spielvogel Bates network. Charles Saatchi declined...
After its first annual loss in 19 years, the world's biggest advertising firm hopes for help from new chief executive Robert Louis-Dreyfus. -- The Food and Drug Administration is ailing...