Hard as Havas tries to put a positive spin on its new management line-up (page 1), it's hard to escape the conclusion this is a Plan B cobbled together by Vincent Bollore after his anticipated dream signing, Jean-Marie Dru, turned him down.
Nor will Bollore's decision to turn over the running of Havas to a mixture of old guard and young guns convince everyone he isn't still a corporate raider at heart.
Certainly, the investment community isn't entirely convinced and the scepticism is easy to understand. Bollore has no experience of the ad industry. The management structure is complex and decentralised. How well will it function in the event of a conflict about strategic or operating decisions?
Havas insiders already talk of friction between the establishment and the new generation of senior management.
And what of Jim Heekin, Euro RSCG's worldwide chief executive? He is a conspicuous absentee from the new top line-up, having effectively been marginalised by others close to key clients.
Havas' troubles appear not to have ended, but just entered a new phase.
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