• Times Online, Thursday, March 13, 2008 10:32 AM

Fernando Rodés Vilà, appointed as chief executive of Havas two years ago after helping Vincent Bolloré gain control of the company, rejects any suggestion that his current position is some kind of reward for services rendered. "I never wanted this job," he says. "I had other things to do at the time. I'm pleased I now have the job, but it was never a trade-off situation."

His family has a 3% stake in Havas, gained after it sold its Spanish media business to the French conglomerate. Rodés Vilà brings a cautious approach to Havas, particularly when compared to the former management's acquisition binge. "The previous management team went on a shopping spree in the late 1990s, spending 3 billion Euros ($4.7 billion at current rates) on 192 agencies in three years," says. "They were buying anything that moved, even at the time of the bubble."

As a result, in 2003, the company said 50 of its companies were underperforming and it posted a €396 million ($617 million) loss. "As a shareholder, we weren't happy and thought we'd sell our stake," he remembers. "Then Bolloré came in and we changed our minds."

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