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Grey Advertising is to establish a new holding company to be known

as Grey Global Group and its core advertising agency will be renamed

Grey Worldwide.

The announcement, which marks the company’s first major restructure in

30 years, was made by Ed Meyer, the chairman, president and chief

executive of the Grey Global Group.

’Because of the growth and development achieved by our marketing

communications companies in recent years, we realised that it made good

business sense for us to adopt a holding company structure,’ Meyer

said.

’This new organisation recognises each of the communications companies

as major business units. Each will have their individual management

structures while being able to tap the resources of the holding

company.’

Meyer added: ’In respect to the advertising agency, it’s time for the

next generation to move in to place to build the agency of the

future.’

Bob Berensen becomes vice-chairman and general manager of the holding

company while Steven Felsher becomes the vice-chairman and chief

financial officer and Stephen Novick becomes the vice-chairman and chief

creative officer. All four will be based in New York.

The move will spark several high-profile management moves within the

network. Steve Blamer, the former chief executive of Grey London, will

lead Grey Worldwide as president of its New York office, fuelling

speculation that he is being groomed as successor to the 73-year-old

Meyer.

Carolyn Carter, at present the executive vice-president and global

account director for Mars, will become president of Europe, the Middle

East and Africa and will be based in London.

Carter will continue to run Mars globally for a transition period until

Jonathan Fox, the executive vice-president and regional director of

Asia-Pacific, becomes executive vice-president and executive managing

director on the Mars account. He will operate from New York.

John Shannon, 62, will continue as president of Grey Worldwide.

There will be no change to his role which has led industry figures to

suggest that he is set to retire.