Word: toed
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Dates: during 1980-1989
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But as Saatchi & Saatchi wandered afield, its management seemed to become increasingly inept. The company's debt swelled to $250 million while costs mounted unchecked. At the consulting firms, key managers, skeptical about whether their operations could thrive in the Saatchi confederacy, began to quit.
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...
Saatchi management launched an overall restructuring program. Starting last spring, more 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...
More pain probably lies ahead. Louis-Dreyfus has his work cut out for him -- and a compensation package geared to inspire success. On top of a reported salary of $785,000, Louis-Dreyfus will control stock options worth at least $3 million. That value will rise substantially if he does...
Revenues spiraled as the Saatchis bought up rival ad agencies, including Dancer Fitzgerald Sample, Backer & Spielvogel, and Ted Bates in 1986. But returns on the investments dropped sharply as management failed to meld the pieces into a smoothly run global company.