WPP AUNZ’s CEO Mike Connaghan resigns after 12 years
WPP AUNZ’s CEO Mike Connaghan has resigned from the advertising and communications holding company after 12 years.
In a statement posted on the ASX, the CEO of the Australia’s biggest advertising and communications holding group said it has been a “truly diverse experience and a privilege to serve the company.”
Connaghan quits after 12 years
“I am proud of the company that we have built and the talented employees and impressive calibre of clients that we have nurtured and supported.
Mike, you must feel like a batsman walking off after scoring 275 not out. Well done and congratulations on a wonderful career at the company. Best for the future, whatever that is. Cheers, Robbo.
Yep well done MC, good bloke indeed.
Of probably more interest is the ASX update announcing a declining EPS guidance and inability to hit targets this year. Ouch.
A fantastic innings, indeed. Well played.
WPP feels a bit like the Liberal Party at the moment…
How can it be a good innings? By every metric it is not in good shape. The CEO did not perform, plain and simple. Add to that the burnt bridges, awful agency mergers (someone have a list?), lack of organic revenue growth, the share price . . . more like a golden duck than 275 not out. The WPP takeover just delayed the inevitable, the earnings debacle was the last straw.
Kantar, WhiteGrey, Y&R, Landor – all recently departed MDs also recently merged with another agency, just quietly.
Interesting that no one is reporting the 35% share price drop in WPPAUNZ as investors hear about the 15% decline expected in earnings per share, instead of 3% growth expectations announced previously.
Train wreck, and no coincidence that MC is off to pursue other opportunities/spend time with family on the same day it happens.
Hi Stevo,
We did a story on that at midday.
https://staging.mumbrella.com.au/wpp-aunz-shares-slammed-following-earnings-downgrade-and-ceo-departure-547923
Cheers,
Paul Wallbank
News Editor
WPP (and STW before it) have been responsible for some of the greatest value destruction ever seen in this industry (George Patts, Y&R, The Campaign Palace, et al). In proper industry, mergers are meant to create value through synergy (1+1=3). In this case, they’re a euphemism for endless, and mindless, cost reduction of once great brands and businesses with the inevitable dumbing down and juniorisation of leadership which continues unabated. Hmmm, great innings.
Ta Paul.
B&T went as far as blaming Connaghan’s resignation alone for the share price drop with no mention of the ASX announcement, hilarious.
For what it’s worth, I loved working with Mike. I always found him straight up, honest, and a great leader who hired good people around him.WPP and GroupM have caused their own destruction in Australia by endless backstabbing, politicking, and a desire to be seen as ‘winning’ against all odds, even if this meant shitty mergers and shitty decisions based on endless spreadsheets.
I second that. Massive ship steered brilliantly through very big seas. They will miss him.
Bravo! Well said!