FCB sweeps up $25 mil in Hoover ad work
Hoover Co. selected FCB Worldwide, Chicago, to handle its estimated $25 million account, after the vacuum cleaner marketer yanked the work from Euro RSCG Tatham in August. FCB was considered a long shot because Hoover has close bonds with Ralph Rydholm, who shepherded the account before retiring as Tatham CEO and who's now a consultant to J. Walter Thompson USA. Another strong contender was Leo Burnett USA, which has worked with Hoover parent Maytag Corp. for years.
Y&R stock hits high after investor sells
Young & Rubicam's share price hit a 52-week high of $51 Nov. 18 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.
News Corp. plans `hip' golf magazine
News Corp. next year will launch a 350,000-circulation golf magazine and has hired former Details Editor in Chief Michael Caruso as editor of the still unnamed title. The magazine, which plans to target young, hip golfers, has been planned to have TV and Internet extensions. Terry Russell, former group publisher of Primedia's Automobile Magazine, was named publisher. The project will be overseen by News Corp. Senior Exec VP and heir apparent Lachlan Murdoch and Exec VP-Content Anthea Disney.
Levi Strauss CEO Marineau reshapes marketing team
New Levi Strauss & Co. CEO Phil Marineau has begun to stitch together his management team, consolidating the marketing function under Larry Ruff, VP-global marketing. Mr. Marineau dismissed VP-Youth Marketing Robert Holloway, a 17-year Levi Strauss veteran and the key executive on the Levi's brand, and John Ermatinger, president of the Americas division, a 26-year employee. The company said the departures were a result of "Phil's assessment that they do not have the specific level of experience and track record in their current jobs to accomplish what [Levi Strauss] needs to be successful in its business turnaround." Mr. Marineau will head up the Americas division during the search for Mr. Ermatinger's replacement. James Capon, formerly VP-young adults handling marketing for Dockers and Slates, will take over Mr. Hollo-way's marketing functions. Taking over for Mr. Capon is Bobbi Silten, formerly head of the Slates brand, who becomes president of the Dockers and Slates brands.
Schultz may take CEO slot at media buyer Western
Media veteran Lou Schultz may be heading for Western Initiative Media Worldwide as the new CEO of its U.S. operations. Mr. Schultz, vice chairman of sister Interpublic Group of Cos. unit Campbell-Ewald, Warren, Mich., and president-CEO of CE Communications, declined comment. West Hollywood, Calif.-based Western is said to be looking for a CEO since it was revealed that Western founder and Chairman Dennis Holt has agreed to give up the CEO title (AA, Nov. 8). Interpublic insiders said Mr. Schultz would move to West Hollywood for the position, then go to New York at some point to take over as global chairman of Western when Larry Lamattina, the current chairman, retires.
Also . . .
Nestle's Alcon Laboratories shifted its $17 million direct-to-consumer creative and planning account for Patanol anti-allergy eyedrops to FCB Worldwide, New York. HMC and BBDO Worldwide had the creative and planning business, respectively. McCann-Erickson Worldwide keeps media buying. . . . Taco Bell next year returns to its value roots and will focus its $200 million ad budget on its core customer, males 18 to 24. Taco Bell also is eyeing bigger products, said an attendee at a meeting with Wall Street analysts. At sister Tricon Global Restaurants chain Pizza Hut, half its $100 million-plus media budget will go to the Big New Yorker next year. . . . Ziff-Davis signed a definitive agreement to sell ZD Education, its business-to-business information technology learning organization, for $172 million to a company formed by U.S. Equity Partners. U.S. Equity Partners is a private equity fund managed by Wasserstein Perella Group.