Mr. Matthies, who since Y&R's debut on the New York Stock Exchange last May is in line to benefit substantially from his shareholding, will continue at least until the end of this year. His successor is currently being sought.
It's understood Mr. Matthies does not have a job to go to, but that he doesn't intend to retire. "My job at WCJ has nearly come to completion," he says. "I'm very proud of this success story, but I also have the feeling I need new challenges."
Jay Bingle, chairman/CEO worldwide of WCJ, says Mr. Matthies' resignation has been accepted "unwillingly and with much regret."
Since Mr. Matthies took over the helm as president-CEO for Europe in 1995, WCJ has doubled its European income to $130 million and now has 39 offices in 20 countries. "WCJ is a network now in that way it wasn't when he took it over," says a Y&R spokesman.
Mr. Matthies has also been responsible for WCJ Germany, as managing director and then chairman. He is a member of the Y&R Inc. Partnership Board and of the Y&R/WCJ Partnership Worldwide Operating Committee.
Copyright October 1998, Crain Communications Inc.