A Reward for 'the People Who Have Built This Agency,' Principal Says
NEW YORK--Donny Deutsch has promoted seven key executives at his shop to partners.
The Deutsch chief executive said he made the move, which was expected [Adweek, May 5], to prepare the New York agency for growth in the U.S. and overseas. Deutsch, which has almost $500 million in billings, will open its first international office within the next year and reach $1 billion in billings over the next three to five years, he predicted.
The promotions, announced last week, involve two managing partners and five partners who will hold an estimated total equity stake of 10 percent of the agency. Deutsch will continue to own the rest of the stock in the agency, which now operates offices in New York and Santa Monica, Calif.
Under the plan, Cheryl Greene was named managing partner and chief strategy officer while Linda Sawyer was named managing partner and general manager. Five executives were promoted to partners: creative director Kathy Delaney, group director Val DiFebo, director of business development Peter Drakoulias, group director John Mittnacht and media services director Steve Soldano.
"These are the people who have built this agency and treated the place like owners," said Deutsch. As managing partners, Greene and Sawyer will hold slightly larger stakes.
The promotions are viewed as a way to retain key executives. "It's the best way to reward people for their sweat equity while encouraging them to build a stronger organization," noted Drakoulias.
The shop briefly considered, but rejected, changing its name to Deutsch & Partners. "We have such a strong brand name as it is," Deutsch said.