LONDON (Brand Republic) - Leo Burnett has shed around 200 staff in the US, which represents a cut of 9% to its 2,100-strong workforce.
It is thought that the cuts may be due to the upcoming partial flotation of Leo Burnett鈥檚 parent company B|Com3, but US chief executive Brad Brinegar has denied this explanation.
Brinegar said the cuts were made as an attempt to 鈥渟tay ahead of the curve鈥 in anticipation of a slowing of economic growth and the loss of the agency鈥檚 $300m (£204m) Oldsmobile account over the next three years.
鈥淚t doesn鈥檛 make a difference whether we have an IPO or not, we compete with companies in the public markets,鈥 he added.