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Y&R stock jumps as investor Hellman sells its stake

Published on .

Young & Rubicam's share price hit a 52-week high of $51 today as investor Hellman & Friedman sold its stake in the company. Trading volume was heavy at almost 5 million shares; that market volume didn't include Hellman & Friedman's estimated 5.2 million shares. Executives including outgoing Chairman-CEO Peter Georgescu and Chief Creative Officer Ed Vick took the opportunity to sell some of their shares. It was the first time Mr. Georgescu, who plans to retire Dec. 31, sold any of his shares. Hellman & Friedman's plan to sell out was announced several weeks ago when New York-based Y&R issued its third-quarter results.

Copyright November 1999, Crain Communications Inc.

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