Havas Bolsters Finance Staff | Adweek
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Havas Bolsters Finance Staff

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BOSTON Havas today said it has named Richard Pace chief performance and economic officer and Esther Gaide deputy financial director.

Both posts are at the Paris-based holding company, which owns the Arnold, Euro RSCG and MPG agency networks.

Pace, 48, is responsible for implementing all projects designed to improve the overall profitability and efficiency of Havas. He will also oversee the operations of various company units. In 1991, he was named managing director of Euro RSCG, responsible for the global finances of the group's media operations, which were rebranded as MPG in 2000.

Gaide, 44, since 1999 has been auditing director of Bolloré Group, the primary investment entity of Havas chairman Vincent Bolloré.

In a brief statement, Havas said the appointments were made to strengthen the company's financial operations.

Havas is in the process of voluntarily delisting its shares from the Nasdaq Stock Exchange [Adweek Online, June 28].

The company's American Depositary Shares will trade through July 6 and be delisted on July 7.

Shares will continue to trade publicly on the Euronext market in Paris.

Havas has said it decided to delist after receiving a letter on June 16 from Nasdaq regarding the company's non-compliance with the exchange's audit committee requirements following the resignations of three members of its board of directors.

Havas said it "has concluded that the company's ADS listing on Nasdaq is not providing sufficient liquidity to justify the cost and administrative burden to Havas. The company believes that the continued listing of its ordinary shares on the Euronext will provide sufficient ongoing liquidity."

Its shares opened today at $5.00, unchanged from the previous close. The 52-week high was $5.83, the low was $4.10.