Canadian holding group Maxxcom – parent of shops such as America's Crispin Porter + Bogusky and Interfocus in the UK – has replaced its chief executive.
Out goes Beverley Morden, the ceo that took the Toronto-headquartered group public in 1999 and oversaw its programme of acquisitions; in comes Harold Reiter, who moves from financial services company Tyco Capital Canada, effective immediately.
Maxxcom was put up for sale last year, having suffered from the downturn in the US ad market, which accounts for 70% of its revenue [WAMN: 23-Oct-01]. However, MDC Corporation – which holds 70% of the ad group – insisted it does not now want to offload the company.
News source: BrandRepublic (UK)