Phillippe Wahl has been named as chief executive officer of French advertising group Havas, with Vincent Bolloré, the company’s single largest shareholder, taking up the role of chairman of the board.
After a meeting last night, Bolloré was appointed the new chairman in a management restructure which will see a new generation of executives, promoted to the top of the firm.
Commenting on the decision, Bolloré said: “My personal contribution at the head of the Havas Group demonstrated the long-term commitment of the Bollore Group to the strategic development and growth of Havas and its activities.”
He has given no indication of his plans for the Group’s future, with industry sources speculating he may end up selling or dismantling Havas.
Last month, saw Alain de Pouzilhac step down from the position of chairman and chief executive officer of Paris based advertising group, Havas, after losing control of the agency to Bolloré (see Alain de Pouzilhac Steps Down As Havas Chairman).
Despite the uncertainty in its leadership, Havas has continued to perform strongly, leading on from its turnaround which began in the first quarter of 2004. In the company’s latest financial results it showed both organic growth and Net New Business, to be up by 1.4% in the first quarter of 2005, double what it achieved in the same period of 2004 (see Havas Continues Strong Performance).
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