The London Evening Standard says that a number of the city’s corporate PR gurus are setting off on their own, launching new firms that are depriving their old firms of their talents.
Among the new firms is Stockwell Group, launched by former Maitland CEO Philip Gawith, Tim Burt, formerly of Brunswick, and former Friends Provident in-house PR leader Nick Boakes. Three FD MDs are among the execs that have also departed from their respective firms to start their own businesses.
The newspaper highlights a few reasons for the moves: a group of execs who feel they may have hit a ceiling at large firms where execs are firmly rooted in their positions, optimism about the economy, and growth in the industry.
There’s also the question of personal financial growth, which Brunswick is addressing.
Financial Times reports that Brunswick will be changing its ownership structure, giving partners equity, following a list of departures from the firm.
Co-founder Alan Parker holds 50 percent of the company’s shares with the two other co-founders, Louise Charlton and Andrew Fenwick, each holding 10 percent. The remaining 40 percent is in a trust. That remaining 40 percent will be shared among the firm’s 80 partners according to the new structure.
While the move is intended to give execs a stake in the company and deter them from leaving, Parker has given no indication that he plans to step down from his leadership position.