Word: toed
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Dates: during 1980-1989
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Industry and financial experts could only conclude that the problem lay with the company's founders, brothers Charles and Maurice Saatchi. Over the past four years, both men have increasingly withdrawn from the firm's day-to-day * oversight. Charles, 46, has spent much of his time becoming one of...
The Saatchis seem to have reached the same conclusion. In October the brothers announced that they were in effect demoting themselves and bringing in new management to salvage the firm. Their choice for savior: Frenchman Robert Louis-Dreyfus, 43, former president of IMS International, a New York City-based pharmaceutical...
Louis-Dreyfus has no background in advertising but has earned a hot reputation as a financial whiz. His chief accomplishment is the brisk turnaround of IMS. The company, capitalized at $232 million when Louis-Dreyfus took over in 1982, was sold to Dun & Bradstreet last year for $1.7 billion.
By hiring Louis-Dreyfus, the Saatchis have harked back to the skill that transformed their small agency in London's Soho district into an international behemoth: hard-nosed financial know-how. The Iraqi-born brothers convinced London investors a decade ago that the ad business was an intriguing play. The...
Investors agreed. They flocked to place money with the brothers, who had earned a reputation for creativity and bareknuckle competitiveness in the genteel British ad market. The Saatchis went on a billion-dollar spree that sparked panic on then complacent Madison Avenue and helped fuel a merger frenzy as other...