Frankel Names Heir Apparent

While continuing to consider a possible initial public stock offering, marketing services agency Frankel here has signaled its intention to remain a family business.
Peter Frankel, the 34-year-old son of agency founder and chairman Bud Frankel, last week was named
to the new post of vice chairman for the company.
The junior Frankel has been with the agency, which reported 1997 revenues of $77 million, since 1994, working on a variety of tasks, including new business development. His specific duties as vice chairman have not been defined, he said.
“This is not a radical change, but really more of a natural progression for this company,” he said. “It’s important to the culture of this company, I believe, that it continue as a family-owned business.”
An IPO remains “on hold,” he added, but should the company make a public offering this year, “The family will retain control.”
Frankel said his father, 68, has set no timetable for retirement, but assumed it will be “a long way away.”
Peter Frankel’s ascension does not affect the company’s recently realigned management structure, the agency said. Jim Mack remains chief executive officer of Frankel, the marketing services wing of the company; David Tridle continues as chief executive officer of New Ventures, the unit responsible for acquisitions and development of new services.
“It seems only appropriate that the next generation of Frankel will help chart [our] path into the next century,” Tridle said in a statement.