By Adria Calatayud
WPP PLC-owned advisory firms Finsbury, The Glover Park Group and Hering Schuppener plan to merge to form a new global company, in which management will own a 49.99% stake, the businesses said late Tuesday.
The combined entity, called Finsbury Glover Hering, will launch in early 2021. Finsbury founder Roland Rudd and GPG founder Carter Eskew will co-chair the new firm, with Alexander Geiser, managing partner at Hering Schuppener, as chief executive, the companies said.
WPP will retain a majority interest and its CEO, Mark Read, will sit on the board of the newly integrated company, which will be headquartered in New York.
The merger formalizes the strategic partnership between the three WPP companies, they said.
"We see in Finsbury Glover Hering a tremendous opportunity to establish a new global powerhouse in the strategic communications industry alongside a very talented and highly respected group of leaders. It also aligns with WPP's strategy of creating simpler, stronger and more integrated client offers," WPP CEO Mark Read said.
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