Grey Appoints New Stateside Boss As Q3 Profits Surge

14 November 2003

Grey Global Group has rejigged its executive line-up and reported a surge in third-quarter earnings.

The agency holding company promoted Steve Blamer to the new post of president/ceo at Grey Worldwide North America. He will report to Edward Meyer -- chairman, ceo and controlling shareholder of Grey Global -- though Blamer dismissed claims he is being groomed to succeed the 76-year-old as "ridiculous".

Hitherto president of Grey's New York office, Blamer was approached earlier this year by Foote Cone & Belding as a potential successor to its ceo Brendan Ryan -- an offer he refused.

The news came as Grey Global reported a 108.9% leap in Q3 pre-tax profits to $12.5 million (€10.7m; £7.4m). Revenues climbed 11.7% to $324.5m on an improvement in US trading.

"Stability and selected signs of growth appear to characterise the North American market," the group commented. "Improvement is less noticeable in Europe, particularly in northern Europe, where economic weakness persists."

Data sourced from: multiple sources; additional content by WARC staff