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David Ogilvy said that taking his company public in 1966 was the biggest mistake he ever made. The founder of Ogilvy & Mather argued that outside board members, with their responsibility to look out for the financial interests of shareholders, limited the strategic vision of agency CEOs in a young, quickly evolving business.
Of course, virtually every major marketing services holding company in the world ultimately repeated Ogilvy’s “mistake.” But in a post-Enron, post-WorldCom business environment, the corporate-governance challenge confronting Madison Avenue has been concerned not with the specter of cautious conservatism but with the complexities of bubble-driven growth.
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