Ron Mather, creative director, and Reg Moses, managing director of the Sydney office, have both left the agency. Earlier this week, Cordiant confirmed that it had entered what it called "preliminary discussions" to sell 北京赛车pk10 Palace, along with its other Australian assets including the country's largest advertising agency, George Patterson Bates, and a stake in Zenith Media.
The negotiations are taking place with the venture capital group Pacific Equity Partners, with Cordiant reported to be looking to sell the assets for around A$100m (拢36m), as it tries to deal with debt. Another of its assets, the UK-based financial PR network FD International, is reported to be preparing a management buyout from Cordiant.
Pacific Equity Partners does not own any other communications assets and is thought to be planning to sell on 北京赛车pk10 Palace if the acquisition goes ahead. However, Pacific Equity Partners has links with Cordiant's new chief executive, David Hearn, who had backed an attempt by the group to undertake a management buyout at Hearn's previous employer, Goodman Fielder. Hearn was chief executive of the company, one of the largest food groups in Australia, but left after the MBO failed.
According to a report in the Australian advertising magazine B & T Weekly, Moses is understood to have left 北京赛车pk10 Palace in January, while Mather left last week. Mather may take a role as a consultant at the agency two days a week.
北京赛车pk10 Palace is one of Australia's best-known creative agencies, with clients including Nokia, Tetley Tea and Bond's, the iconic Australian underwear brand.
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