WPP merges Y&R and VML with Tripti Lochan and Yi Chung Tay named as co-CEOs of new entity in Asia
WPP has consolidated two of its biggest brands, creative agency Y&R and digital agency VML to create VMLY&R.
The merger comes just weeks after WPP appointed Mark Read as its new CEO and aims to position VMLY&R as a brand experience and brand advertising agency.
In Asia, VML Southeast Asia CEO Tripti Lochan and VML China CEO Yi Chung Tay have been named co-CEOs of VMLY&R Asia.
They will be based in Singapore and China respectively.
Mumbrella is seeking clarification of what it will mean for the Asia operations of Y&L, which is led in Asia by president Chris Foster who took over from Matthew Godfrey late last year
The agency claimed at the time it was transforming the business to “win the future”.
The global operation will be led by VML chief executive Jon Cook.
WPP boss Read said in a statement: “VMLY&R will be a powerful brand experience offering and a core agency brand for WPP. VML and Y&R have distinct and complementary strengths spanning creative, technology and data services that make them a perfect match.
“This is an important step as we build a new, simpler WPP that provides clients with a fully integrated offering and easy access to our wealth of talent and resources.”
The merger appears to sideline Y&R’s global CEO David Sable, who will become non-executive chairman and transition to an unspecified “new role” in WPP.
“I’m thrilled for the VMLY&R team as we start this journey together and harness the best of each agency to deliver culturally relevant world-class work,” Cook said. “The landscape of our industry is changing rapidly, and we are committed to being an invaluable partner to CMOs around the world. I look forward to leading this unprecedented unification of two exceptional agencies.”
An internal memo sent to Y&R staff said: “Today, we are two contemporary agencies with enviable reputations who have the ability to provide culturally relevant strategy, creativity and technologically advanced solutions to our clients.
“This is a natural time to align our organisations. The client benefits are clear. We will be able to deliver even more powerful and successful outcomes for our current and future clients.”
The end of an error.
ReplyA new one begins….
Hahaha. Very clever
ReplyThis makes a lot of sense, and perhaps we’ll get used to the name. On one hand I am glad they didn’t try to come up with an entirely new name, but it is a mouthful…
Which one is next, Grey & JWT? Mirum will surely have to disappear as an individual agency.
Interesting times!
ReplyWhat is this silly trend of Co-CEOs ??
ReplyIt seems like nobody wants to make the hard decision to appoint a single leader whom has the mandate to drive growth and move on. By appointing Co-CEOs it seems disrespectful to those selected as it says “sorry we do not have faith in either one of you to lead this organisation so we are hedging our bets and giving every kid a prize”
What it means is that WPP or VML or Y&R understand that China is a very unique business compared to the rest of Asia. In culture/size and opportunity. So having two allows one to focus solely on China and the other in the rest of Asia. Don’t forget, we’re talking about half the world’s population across the region.
ReplyI recall how Dentsu Young & Rubicam was the hailed as one of first international agencies (if not the first) to open in China in 1990?
ReplyHow is it they were overtaken by everyone else?
VML is winning!
ReplyHave your say