Grey restructures to reflect global stature

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In an expected restructuring, Grey Advertising said it's changing its name to Grey Global Group, which Grey said will serve as a holding company for its various communications companies. Grey also named new management to run its core ad agency unit, which will be called Grey Worldwide. Edward H. Meyer, 73, chairman-president-CEO of Grey Advertising, retains those posts at Grey Global Group. The management changes at the Grey Worldwide agency network put two young Grey executives--43-year-old Steve Blamer and 44-year-old Carolyn Carter--in senior posts that could make them candidates for top management slots at the agency in the future. Mr. Blamer returns to New York from his post as CEO of Grey Advertising's London office. In his new job as president-New York for Grey Worldwide, he's responsible for the largest office in the Grey Worldwide network. Grey said the New York office accounts for 40% of the network's total revenues. Ms. Carter, currently New York-based exec VP-global account director for Grey client Mars Inc., will move to London as Grey Worldwide president for Europe, Middle East and Africa. She will continue to manage the Mars account for a transition period. Among other job shifts, at the Grey Global Group holding company Robert L. Berenson, 60, becomes vice chairman-general manager, from president-North America of Grey Advertising; Stephen A. Novick, 59, becomes vice chairman-chief creative officer, and chief creative officer of Grey Worldwide, from exec VP-worldwide creative services, Grey Advertising; and Alec Gerster, 51, becomes director of media ventures and remains chairman of MediaCom. Commenting on the company's new structure, Mr. Meyer said, ``Because of the extraordinary growth and development achieved by our various marketing communications companies in recent years, we realized that it made good business sense for us to adopt a holding company structure.'' Grey Global Group claims more than $8 billion in billings and its clients include American Home Products Corp., Glaxo Wellcome, Hasbro and Procter & Gamble Co.

Copyright April 2000, Crain Communications Inc.

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